Thursday, January 15, 2015

TIMES OF INDIA NEWS DIGEST FOR INTERVIEW

Today's Headlines
INDIA
Consensus before Janata Parivar merger: Shivpal Yadav
A merger of parties under the umbrella of the Janata Parivar will take place only after every party willing to join gives its consent, said senior SP functionary and Uttar Pradesh PWD minister Shivpal Yadav on Wednesday.
TMC MP accused of slapping cop
At a time when the ruling Trinamool Congress is fighting fire on the Saradha front, party MP and former footballer Prasun Banerjee triggered yet more controversy by allegedly slapping a traffic cop who stopped his car from taking an illegal U-turn on Wednesday.
Saradha fallout: Mamata to advance civic polls?
The Trinamool Congress is contemplating advancing civic bodies elections in West Bengal even as the CBI prepares to put party's chief strategist Mukul Roy on the mat over the Saradha scam.
BUSINESS
India to grow at China's pace by FY17: World Bank
The Indian economy is expected to catch up with China by 2016-17 and is expected to grow 6.4% in 2015 on the back of reform measures unveiled by the new government, the World Bank has said.
Draft rules to replace 5/20 irk old airlines
The blueprint of the proposed new rules for Indian carriers to start flying abroad has left ‘old’ airlines seething.
States in for Rs 3.5 lakh crore coal bonanza
States, especially the relatively poorer ones, are in for a bonanza due to the coal auctions with the government estimating payments of Rs 3.5 lakh crore over the next few years.
ENVIRONMENT
Javadekar seeks help from outside govt for animal welfare
Environment minister Prakash Javadekar today said the government alone cannot ensure animal welfare and organisations from the country and outside should come forward to play crucial role in addressing the concerns.
EU vote gives governments the choice to grow or ban GM crops
Individual EU nations will be able to ban cultivation of genetically modified (GM) crops under a compromise deal agreed on Tuesday that ends years of deadlock over the barbed issue and could actually boost GM farming.
'India key to Paris climate talks'
UN Secretary General Ban Ki-Moon on Tuesday asked India to take a leadership role in reaching a "meaningful” climate change pact in Paris later this year.
WORLD
Historic quest: Duo free-climb Yosemite's Dawn Wall
A pair of Americans on Wednesday completed what had long been considered the world's most difficult rock climb, using only their hands and feet to conquer a 3,000-foot vertical wall on El Capitan.
Ohio man arrested for planning attack on US Capitol
An Ohio man was arrested on Wednesday for plotting an attack on the US Capitol, according to court documents.
Kerry and Zarif unexpectedly resume nuclear talks in Geneva
US Secretary of State John Kerry and Iran's foreign minister Mohammad Jawad Zarif held intensive talks on Tehran's disputed nuclear programme on Wednesday, returning for an evening session, officials said.
ENTERTAINMENT
Bipasha Basu: Karan and I both love bodies
Bipasha Basu and Karan Singh Grover have a lot in common, be it their love for food, fitness or beautiful bodies. In a tête-à-tête, the lead pair of Alone talks about all things close to their heart. Excerpts:
'This is the best cinematic time of my life'
Sanjay Leela Bhansali admits that Main Gabbar is far from a typical Bhansali film and insists that’s the reason he is all the more excited about it.
SCIENCE
Space pavilion opens at C-SiS
The space pavilion, set up by the department of space, was inaugurated on Wednesday at the Centre for Science in Society (C-SiS), Cochin University of Science and Technology (Cusat).
'No under—80 cancer deaths in UK by 2050'
Deaths from cancer will be "eliminated" for all age groups except the over—80s by 2050, if recent gains in prevention and treatment carry on apace, experts have said.
Word Warriors: Vocabulary puritans urged to focus on bringing back long-lost words
Words like "mahoosive" (exceptionally large) and "globesity" (the worldwide outbreak of morbid obesity) have recently hit the headlines before re8tiring to obscurity.
SPORTS
Cristiano Ronaldo says his son is a Lionel Messi fan
Cristiano Ronaldo's son Cris junior is a Lionel Messi fan the boy's father said after they met up with the Argentina captain at the Ballon d'Or ceremony.
Bhakti Sharma sets world record in Antarctic Ocean
India's open water swimmer Bhakti Sharma has set a world record by swimming 1.4 miles in 52 minutes in one degree temperature at Antarctic Ocean.
Barcelona planning future with Messi: Luis Enrique
Barcelona coach Luis is insisting a future without Messi has never been considered as speculation over the Argentine's future continues to mount.
TECHNOLOGY
TCS layoffs may exceed 3,000 in FY2015
TCS has asked 2,574 employees to leave in the first nine months of this fiscal, while the total layoffs in the full year may exceed 3,000.
First impressions: Saygus V2, the phone with 320GB storage
CES isn’t really known for smartphone unveilings though this year’s edition did see a few announcements from players like Asus, Lenovo and LG.
EDUCATION
Experts unhappy with Nagpur as new IIM location
Even before an Indian Institute of Management could come up in the state, heads of several business schools have slammed the government's decision to "gift" it to Nagpur. The location of the institute will determine its future, say experts.
Jadavpur University gets back to classroom routine
Smita Roy was very busy for the last four months. Everyday, the second-year sociology student had to strike a fine balance between her studies and her friends who were fighting for the ouster of vice-chancellor Abhijit Chakrabarti.
Calicut varsity set to dilute PhD standards further
The vigilance scrutiny of all PhD theses submitted in the Calicut University since 2006 following plagiarism charges has not changed the ways of the varsity, which is now set to further dilute norms for PhD programmes.
MUMBAI
ISIS boy Majeed's lawyer seeks CCTV footage of his cell
The lawyer of Areeb Majeed approached the special NIA court on Wednesday, seeking CCTV footage of his client's cell, alleging he was being kept in solitary confinement. Majeed was arrested in November after his return from ISIS territory, where he had gone with three other Kalyan youths in May.
Mumbai to pay tribute to late poet Namdeo Dhasal
When Namdeo Dhasal passed away last year, he left a void in the city’s poetry scene. Known for his hard-hitting protest verse, the Dalit ideologue died after a prolonged battle with colorectal cancer
Funds lapse: 'Negligent' BMC education officer blamed
A civic education officer’s negligence cost 12 Urdu schools funds allocated to set up computer labs, alleged SP leader Rais Shaikh at Wednesday’s standing committee meeting
DELHI
Uber may take radio cab licence route
In a significant move towards getting back onto Delhi roads, Uber is looking to pick up a licence to operate under the revised Radio Taxi Act of 2006 after it was banned in the city following the woman executive’s rape by one of its drivers.
NGO targets Kejriwal, says he's not a resident of Delhi
Claiming that AAP convenor Arvind Kejriwal is not a resident of Delhi, NGO Maulik Bharat Trust has challenged his application for a change of address ahead of assembly elections.
Congress relies on math, lines up big guns
Former CM Sheila Dikshit’s advice to field Congress heavyweight Ajay Maken against AAP chief Arvind Kejriwal in New Delhi assembly constituency hasn’t found space in her party’s second list of candidates released on Wednesday.
BANGALORE
Burping cows roam free on farms
Navile Bili, the eight-year-old cow at Vasanth Kumar’s farm at Nuggehalli, is a free spirit.
'Earth revolves around sun, but how do we know?'
“What is the sun made of?” When Prof Arthur Eisenkraft, one of America’s leading science educators, posed this question, the young and old in the audience vied with one another to give an answer.
Slice of history found in encroached drain
Men clearing an encroached storm water drain in the narrow lanes of Shivajinagar on Tuesday were in for a surprise.
HYDERABAD
Customers accuse real estate giant Aliens Group of cheating
In what could well turn out to be one of Hyderabad’s biggest real estate scams, 65 customers of Tellapur-based Aliens Space Station-I project have collectively lodged a police complaint accusing the developer, Aliens Group, of cheating and criminal intimidation.
Shown the door by CSIR, 92 scientists knock on CAT door
As many as 92 trainee scientists recruited by the ministry of science and technology’s Council of Scientific and Industrial Research (CSIR) two years ago have been rendered jobless. 
Telangana to wait till January 16 to announce Eamcet dates
The twin states could be gearing up for separate Eamcets if respective governments do not come to a consensus by January 16. 
CHENNAI
MoU seeks to tap youth potential, create jobs
Rajiv Gandhi National Institute of Youth Development, Sriperumbudur and the ICT Academy of Tamil Nadu inked a memorandum on Wednesday for collaborative efforts in training activities that unleash potential of youth, create jobs, commercialize new technologies and create wealth.
Flight fares dip to almost par with second AC train tickets
Low aviation fuel prices, market competition make flying affordable
Killer served dinner by victim's husband
Michael Raj, the Ambattur eatery owner who lost his wife and is left nursing his two badly injured children, had fed his employee dinner on Monday night unaware that only minutes ago the man had put a dagger into his dear ones.
AHMEDABAD
61% Vibrant projects on ground: Gujarat government
The seventh edition of the Vibrant Gujarat summit has concluded with investment pledges clocking a lofty Rs 25 lakh crore ($400 billion) amid conflicting claims over the actual inflow of such figures.
Only half of kids in rural areas can read Gujarati
nly about half of all children in rural Gujarat who have five years of schooling can read Gujarati text. Nearly 67.4% children finish eight years of schooling in Gujarat’s rural schools but are yet to learn basic skills in arithmetic.
IM suspects who escaped Khandwa jail stayed in Ahmedabad
In a major revelation, the city crime branch has said that three Indian Mujahideen (IM) suspects who had escaped from Khandwa jail in Madhya Pradesh in October 2013 had stayed in Ahmedabad twice between July and August 2014. The crime branch had been working on intelligence inputs on this.
ALLAHABAD
Babaji's 'khichdi' kindles warmth in devotees
‘Khichdi’ is quite hit among pilgrims and along with tea has turned into a medium to beat intense cold wave prevailing at Sangam. In fact, pilgrims flock tents of various social and religious organizations situated in different parts of the Magh Mela campus to savour hot khichdi and tea being served free-of-cost.
Dandi Swamis lead holy dip on Makar Sankranti
After boycotting the Paush Purnima snan, Dandi Swamis took a holy dip at Sangam along with devotees on Wednesday following a rise in water level. The irrigation department has ensured a release of additional 4,516 cusec water from Narora fro the two-day auspicious festive occasion.
Magh Mela police to launch Facebook page
Here is good news for techno-savvy visitors from abroad and southern states, who want to have details of Magh Mela 2014. The Magh mela police is all set to launch an account -- www.maghmelapolice.allahabad -- at social networking site Facebook, carrying all details about Sangam city, religious importance of the city, its map, how to reach it, Sangam – the confluence of Ganga, Yamuna and mythological Saraswati, and weather update.
BHUBANESWAR
Orissa plans rooftop rainwater harvesting in urban areas
The government has decided to introduce rooftop rainwater harvesting system in the urban areas of the state.
Nursery admission: Testing times for children & parents
With most schools in the city having already started nursery admissions, parents are spending more time with their children to prepare them for interactions with teachers. They are also working hard on their own communication skills.
Tearful adieu to actor-director Hara Patnaik
Amid loud chants of ‘Hara Bhai Amar Rahe’, mortal remains of actor-director Hara Patnaik were consigned to flames at Satichoura crematorium here on Wednesday.
BHOPAL
Haemophiliacs to get free treatment in govt hospitals
Haemophiliacs will get free treatment in government healthcare centres across all 51 districts in the state, soon.
2 bike-borne open fire outside independent candidate's office
Two hooded bike-borne men fired two rounds of bullets outside election office of an independent candidate fighting election for corporator in ward number 9 in Old city late on Tuesday night.
Woman found murdered near farm
A woman was found murdered near her field on city outskirts on Tuesday night. A case was registered at Berasia police station of the city.

CHANDIGARH
CBI records statement in dera castration case
The Central Bureau of Investigation has started investigations in the case of alleged castration of 400 Dera Sacha Sauda followers after the complainant, Hans Raj Chauhan, recorded his statement last week.
Urea shortage: Farmers in Hisar on indefinite fast
Farmers in Hisar on Wednesday began a fast-unto-death over acute shortage of urea in the district. Earlier, police had booked around 300 farmers for attempt to murder for assaulting and seriously injuring an assistant sub-inspector on January 11.
SAD, BJP bonhomie comes alive
Old bonhomie among alliance partners SAD (Badal) and BJP was visible during the Maghi celebrations at Muktsar on Wednesday, eclipsing the recent turbulence in their ties.

Wednesday, January 14, 2015

Daily GK Update - 14th January 2015


1. H.S.Brahma to be the next chief Election Commissioner of India.
i. Shri H.S. Brahma is all set to assume charge as the new Chief Election Commissioner of India.
ii. VS Sampath, Chief Election Commissioner, demits office on 15th January 2015, capping less than six years of an eventful tenure.


Read more: http://www.bankersadda.com/#ixzz3OoMsCMWS

BANKING AWARENESS ----BANKING OMBUDSMAN

http://www.sakshieducation.com/Bank_Exams/Banking_Awareness/BA_3.pdf

BANKING AWARENESS
BANKING OMBUDSMAN
 Provides independent, expeditious and inexpensive forum to aggrieved bank
customers. RBI introduced this scheme under powers granted under Banking Regulations Act
1949. Chief General Manager or General Manager of RBI will be appointed as Banking
Ombudsman for a term not exceeding 3 years at a time. Banking Ombudsman takes care of
the grievances of SERVICE DEFICIENCIES IN BANK INDUSTRY like in delayed
collection of cheques, remittances, wrong debit/credit in deposit accounts and other ancillary/
advances area including fair practice code, credit card etc. and in loans- non- observance of
RBI directives, delay in sanction or disbursement ,time schedules are included.
The aggrieved customer can lodge his complaint in electronic mode also. Before lodging a
complaint with Ombudsman the Customer should complain to the concerned bank first and
wait for one month.
The period within which a customer can lodge a complaint with Ombudsman is one year
from the date of cause of action. The maximum award that will be given by Ombudsman is
up to Rs.10lac. Any party can file appeal within 30 days on receiving award or the
ombudsman rejecting his complaint to appeal authority. If the appeal is by the bank, it should
be made with approval of CMD or ED or CEO only. One of the Deputy Governors will be
appointed as Appellate Authority, in case the award given by the Ombudsman is not
acceptable to the parties.
KNOW YOUR CUSTOMER (KYC)
KYC guidelines issued by RBI to check money laundering i.e. using of banking channel for
conversion of illegal funds into legal funds and financial frauds.
Suitable Guidelines were issued based on the recommendations of FINANCIAL ACTION
TASK FORCE (FATF) on Anti money laundering (AML) standards and on combating
financing of terrorism.
Under KYC norms banks are expected to verify the identity proof and address proof like
Passport, Pan CARD, Voter card, Driving license, Identity card to bank’s satisfaction, Letter
from recognized public authority. Liberalized KYC Norms: Simplified criteria of identification and introduction to be
followed in small deposit accounts where the debits should not exceed Rs.50,000 and Credit
transactions should not exceed Rs 1.00 lakhs and total transactions in a year does not exceed
Rs. 2lac (credit transaction should not exceed Rs.1lac) In these cases, a/c can be introduced
by person having satisfactory accounts for 6months and self certification on address along
with photograph.
Concepts of PAN, GIR and TAN?
PAN is Permanent Account Number. PAN number is being allotted to the Individuals by
Income Tax Department. It is a TEN Digit Alphanumeric number. Now it is mandatory to
have PAN all the existing Income tax assesses and future assesses and those who enter into
financial transactions on behalf of self or on behalf of any others. Form for applying PAN is
Form 49A. For One there is only One PAN, if issued it is permanent even if the person
changes his/her profession or even change of address.
GIR is GENERAL INDEX REGISTER number was earlier being allotted by the Income
Tax department for assessees in olden days but ever since the PAN is in place GIR number
system is now obsolete.
TAN means TAX DEDUCTION & COLLECTION ACCOUNT NUMBER. This is also a 10
Digit Alphanumeric number. This number must be obtained by all the persons and
organization those who are responsible for deducting Tax or collecting tax and remitting the
same to the Income Tax department. All employers who deduct tax at source from
employee’s salaries also must obtain TAN number. Tan number shall be quoted in all
TDS/TCS returns. The applicants have to submit Form 49B for allotment of TAN. Even if
any Government Office deducting TDS it also shall apply for TAN, Hence all Bank branches
shall individually apply for TAN.
Concept of Form 15G and Form 15H ?
Form 15G & Form 15H. If a Depositor is not a Senior Citizen and his Taxable Income is
within the exempted limits then he has to submit Form 15G to the Bank for not deducting tax
at source. In the same case if the Depositor is a Senior Citizen then he has to submit Form
No.15H. In case of interest paid/payable amounts are exceeded the Tax exempted limited
then Form 15G and Form 15H shall not be accepted. As per the budget pronouncements w.e.f 01. 04. 2010 depositor must submit PAN number
otherwise the rate of TDS will be at 20%. If a Depositor submitted Form 15G & 15H but
PAN number not submitted the Bank has to deduct Tax at the rate applicable or at 20%
whichever is higher.
Need for Form 60 and Form 61 while opening accounts?
While opening an account the prospective customer do not have PAN number, then he has to
submit a declaration in Form 60, and incase the prospective customer whose income comes
from only Agriculture sources then he has to give a declaration in Form 61.
FEATURES OF NOMINATION ACT
Nomination is available for a) Deposit accounts b) Safe custody articles and Lockers.
Nomination is available only for deposit accounts and not for loan accounts.
Nomination is available for all types of deposit accounts irrespective of nomenclature.
Nomination is available for accounts which are in the name of individuals in their individual
capacity, i.e., it is not available for Partnerships, Trust, Ltd company, Club etc.
Nomination is available to a sole proprietor provided the sole proprietor is an individual.
Nomination is available for joint account of individuals.
Nomination can be made at any time during which the deposit is held with the bank. It can
also be made available for old account.
Nomination continues on renewal of term deposit unless it is cancelled or changed.
Nominee has to be an individual and hence a Firm, Club, Company, Trust etc cannot act a
nominee.
In nomination act the nominee is treated as an agent for receiving money. He is not the
owner. He is duty-bound to pass on the money to the legal heir. So the legal heir can claim
money from the nominee. But the bank on payment to nominee is fully discharged.
Nomination facility is obligatory for banks.
On death of a person, if six months lapse and no person turns up, the bank has to inform the
nominee about nomination in case of deposit account. This information is to be given within
three months in case of locker account.
Nomination is available in respect of both residents as well as nonresident accountsBanker-Customer Relationship
The relationship between banker and customer defers depending on the transaction.
 Transactions Banker Customer
Acceptance of deposit Debtor Creditor
Loan Creditor Debtor
Collection of cherub/Sell of securities Agent Principal
On behalf of customer
Purchase of DD Agent Principal
Payee of DD and issuing bank Beneficiary Trustee
Safe custody of article Bailed Baylor
Safe deposit of locker Lesser Lessee
PRACTICE QUESTIONS
1. Banking Ombudsman is appointed by:
A. Reserve Bank of India
B. Government of India
C. Concerned State Govt, where RBI office is located
D. Finance Minister
E. None of the above
2. Before approaching Ombudsman what should the complainant do?
A. Take up the matter with State Government
B. Take up the matter with concerned Bank Branch within 30 days of cause of action
C. Approach Lok Adalat
D. Can directly approach Banking Ombudsman
E. Any of the above
3. What is the maximum period within which the aggrieved customer can approach
OMBUSAMAN?
A. Within 2 year
B. Within 1 year
C. Within one month
D. No such limitation period
E. None of the above
4. What is the maximum amount for which the Award Can be given by OMBUDSMAN
A. Rs 1,00,000
B. Rs 2,00,000 C. Rs 5,00,000
D. Rs 10,00,000
E. No limit
5. Who will be appointed as Banking Ombudsman?
A. CGM or GM of RBI
B. Deputy Governor of RBI
C. Governor RBI I is an ex-officio Ombudsman
D. Finance Secretary
E. None of the above
6. KYC norms are liberalized in case of following accounts:
A. Current Account
B. Savings Account
C. Term Deposit Account
D. No Frills Account
E. None of the above.
7. The KYC does not include obtaining the following :
A. Identity Proof
B. Address Proof
C. Customer Profile
D. Vehicle details of the customer
E. None of the above
8. AML Stands for
A. Anti Monitory Limit
B. Anti Money Laundering
C. Always money laundering
D. Anytime Money Laundering
E. None of the above
9. KYC –Know Your Customer is to identify the Customer, whereas AML- Anti Money
Laundering is to identify the Source of Income:
A. False
B. True
C. True only in case of small amounts
D. Not necessary in all cases
E. Any of the above 10. If a Depositor is not a Senior Citizen and his Taxable Income is within the exempted
limits then he has to submit ---------------- to the Bank for not deducting tax at source
A. Form 15G
B. Form 15 H
C. Form 61
D. Form 60
E. None of the above
11. In case the prospective customer whose income comes from only Agriculture sources
then he has to give a declaration in Form 61.
A. True
B. False
C. He has to submit form 60
D. No such requirement
E. None of the above
12. Nomination is available for
A. Deposit accounts
 B. Safe custody articles
 C. Lockers.
 D. Partnership firms
 E. Only A B C
13. Nomination can be given only for:
A. Individuals
B. Joint Individuals
C. Limited Companies
D. Only A, and B
E. None of the above
14. Money deposited at a bank that cannot be withdrawn for at fixed period of time is known
as a _____:
A. Term deposit
B. Checking Account
C. Saving Bank deposit
D. No Frills Accounts
E. Current deposit
15. With reference to a cheque which of the following is the ‘drawee bank’?
A. The bank that collects cheque. B. The payee’s bank.
C. The endorsee’s bank.
D. The bank of the Drawer of the Cheque
E. None of the above
16. Base Rate is the rate below which no Bank can allow their lending to anyone.
Who will fix this ‘Base Rate’ for Banks?
A. Individuals Banks Board
B. Ministry of Commerce
C Ministry of Finance
d) RBI
e) Interest Rate Commission of India
17. Expand NPA
A. No Provision Account
B. Non Performing Asset (An asset which ceases to generate income)
C. No Profit Account
D. Non-Personal Accounts
E. None of the above
18. Finance Ministry advised RBI to allow common ATMs to be owned and managed by Non
Banking Institutions. Such ATMs are called:
A. NBFC ATMs
B. Off Site ATMs
C. Third Party ATMs
D. White Label ATMs
E. None of the above
19. An ECS transaction gets bounced and you are unable to recover your money from your
customer. Under which Act criminal action can be initiated?
A. Indian Penal Code
 B. Negotiable Instrument Act
 C. Criminal Procedure Code
 D. Payment and Settlement Act
 E. Indian Contract Act
(Note: ECS used for Electronic Clearing of cheques– Debit ECS for Collection of loan
installments) and Credit ECS for payments like Dividends, Salaries etc.
20. What is CTS
A. Cash Transaction system (in banks)
B. Cheque Transfer SystemC. Cheque Truncation System
D. Cash Transfer System
E. None of the above
 (CTS mean Cheque Truncation System – wherein instead of sending cheques physically
to clearing house, only scanned images will be sent. It is also called image based
clearing. This system already started in many states of India. This reduces the collection
of cheques time considerably and is advantageous to the customers)
ANSWERS
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A E D A D A B D D C