Banking Updates

The Institute of Banking Personnel Selection (IBPS) Probationary Officer (PO) exam is a highly competitive examination that is conducted annually to recruit candidates for the post of Probationary Officer (PO) in various Public Sector Banks across the country. The exam is divided into three phases: a preliminary examination, a main examination, and an interview. The preliminary examination is the first phase of the IBPS PO exam and it is a multiple-choice based test. The questions are usually based on English Language, Quantitative Aptitude, and Reasoning Ability. The total marks for the preliminary examination is 100 marks. The questions in the preliminary examination are usually of moderate difficulty level. The English Language section is of 30 marks, Quantitative Aptitude section is of 35 marks and Reasoning Ability section is of 35 marks. The main examination is the second phase of the IBPS PO exam and it is also a multiple-choice based test. The questions in the main examination

STATE BANK OF INDIA – CLERK EXAM DETAILS The State Bank of India (SBI) conducts the SBI Clerk exam to recruit candidates for the position of Clerical staff in the bank. The selection process for the SBI Clerk exam typically includes the following stages: Online Preliminary Examination: This is a qualifying exam that tests the candidate's knowledge in English Language, Quantitative Aptitude and Reasoning Ability. The duration of the exam is 1 hour. Online Main Examination: This is the main exam that tests the candidate's knowledge in General/Financial Awareness, General English, Quantitative Aptitude and Reasoning Ability & Computer Aptitude. The duration of the exam is 2 hours and 40 minutes. Language Proficiency Test: Candidates who clear the main exam are called for a language proficiency test SBI CLERK PRELIMS The State Bank of India (SBI) Clerk Preliminary exam typically consists of 3 sections: English Language, Quantitative Aptitude and Reasoning Ability. E

 How to prepare for bank exams? To prepare for bank exams, start by creating a study plan. Establish a routine as well as a timeline to structure your study. Familiarize yourself with the exam syllabus and read through the topics carefully. Practice with past exam papers in order to track your progress and identify any shortcomings. Additionally, look for online resources and subject specific books to supplement your studies. Make sure to create realistic goals in your study plan and break the topics down into manageable chunks. Additionally, focus on the areas which require more preparation and practice. It may also be helpful to join a study group to discuss topics and consolidate your knowledge. Lastly, it is important to devote enough time to revise and prioritize your time accordingly.  Of course! There are many other strategies that can maximize your studying potential. These can include setting challenging yet reachable goals, breaking topics down into their simplest components,

RBI releases Annual Report of Ombudsman Schemes, 2021-22 The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022 today. With the year also marking the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) on November 12, 2021, the Annual Report covers the activities under the erstwhile Ombudsman Schemes i.e., Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman Scheme for Digital Transactions, 2019 (OSDT) upto November 11, 2021, along with the activities under RB-IOS, 2021 since November 12, 2021. The report also captures major developments during the year and the way forward in the area of consumer protection. Some highlights from the Annual Report are as follows: A. Activities under the Ombudsman Schemes The volume of complaints received under the Ombudsman Schemes/ Consumer Education and Protection Cells during the year 2021-2

Periodic Updation of KYC details of Customers 1. The Reserve Bank has, from time to time, taken measures to rationalise the KYC related instructions taking into account the available technological options for enhancing customers’ convenience within the framework prescribed under the Prevention of Money Laundering Act, 2002 (PMLA) and rules framed thereunder. The process for the periodic updation of KYC (re-KYC) was simplified in May 2021 (Section 38 of RBI Master Direction on KYC). 2. As per the present guidelines, if there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process. The banks have been advised to provide facility of such self-declaration to the individual customers through various non-face-to-face channels such as registered email-id, registered mobile number, ATMs, digital channels (such as online banking / internet banking, mobile application), letter, etc., without need for a visit to

RBI Cancelled 12 cooperative bank's licence The Reserve Bank of India (RBI) has cancelled the licenses of 12 crisis-ridden cooperative banks in 2022 and imposed penalties around 110 times on wrongdoers, according to a Moneycontrol analysis. The banks whose permits have been cancelled by the RBI include Independence Cooperative Bank Limited, Mantha Urban Cooperative Bank Ltd, People’s Cooperative Bank Limited, Mudhol Cooperative Bank Limited, Millath Cooperative Bank Limited and others. This was in line with the trends seen in previous years. The central bank has been clamping down on errant cooperative banks in the last few years. Cooperative banks, which have played a critical role in extending banking services in the villages, have been confronting a range of issues, including dual regulation, weak finances and interference by local politicians. Among these banks, urban cooperative banks (UCBs), which are fewer in number than rural cooperative banks but bigger in scale, have seen

ரிசர்வ் வங்கி அதிரடி உத்தரவு லாக்கர் அறையின் நுழைவு மற்றும் வெளியேறும் பகுதிகள் மற்றும் பொதுவான பகுதிகளில் உள்ள சிசிடிவி கேமரா பதிவுகளை கட்டாயம் சேமித்து வைத்திருக்க வேண்டும். வங்கி லாக்கர் பயன்படுத்துவர்கள் ஒப்பந்தத்தில் கையெழுத்திட வேண்டும் என ரிசர்வ் வங்கி அறிவுறுத்தியுள்ளது. இதற்கான புதிய வழிகாட்டுதல்கள் ஜனவரி 1-ம் தேதி அமலுக்கு வருகிறது. குறைந்தபட்சம் 180 நாட்கள் லாக்கர் அறையின் நுழைவு மற்றும் வெளியேறும் பகுதிகள் மற்றும் பொதுவான பகுதிகளில் உள்ள சிசிடிவி கேமரா பதிவுகளை கட்டாயம் சேமித்து வைத்திருக்க வேண்டும் என வங்கிகளுக்கு ரிசர்வ் வங்கி அறிவுறுத்தியுள்ளது. புதிய விதிமுறைப்படி வங்கியின் கவனக்குறைவால் பாதுகாப்பு பெட்டகத்தில் உள்ள பொருட்களுக்கு ஏற்படும் இழப்புக்கு வங்கிகளே பொறுப்பேற்க வேண்டும். லாக்கரில் சட்டத்திற்கு புறம்பான பொருட்கள் அல்லது அபாயகரமான சாதனங்களை வைக்கக் கூடாது என்பதை வாடிக்கையாளர்கள் உடனான ஒப்பந்த பத்திரத்தில் வங்கிகள் சேர்க்க வேண்டும் என்று கேட்டுக் கொள்ளப்பட்டுள்ளது. லாக்கர் வாடிக்கையாளர்களிடம் 3 ஆண்டுகளுக்கான முன் வைப்புத் தொகையை வங்கிகள் பெற்றுக் கொள்ளலாம் என்றும்

RBI’s Revised Bank Locker Rules The Reserve Bank of India’s revised bank locker rules will come to effect from January 1, 2023. What are the revised bank locker rules? The revised bank locker rules were released by the RBI on August 2021. All the existing locker depositors are required to provide proof of eligibility to access renewed locker arrangements. Some of the key features of the new rules are: Model Locker Agreement Lenders are directed to use the Indian Banks’ Association (IBA)-drafted model locker agreement, which was created as per the Supreme Court orders and guidelines. The banks are required to ensure that there is no “unfair terms and conditions” in their locker agreements. The terms of the agreement must not be more “onerous than required in ordinary course of business” to safeguard the bank’s interests. CCTV Cameras in Safe Deposit Areas The banks are required to install CCTV camera at entry and exit points of the strong room and the common areas of operation. The guid

  Pradhan Mantri Suraksha Bima Yojana Details An Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.  Premium Rs.12/- per annum per member. The premium will be deducted from the account holder’s bank account through ‘auto debit’ facility in one instalment on or before 1st June of each annual coverage period under the scheme.   Coverage Duration The cover shall be for the one-year period stretching from 1st June to 31st May However, in cases where auto debit takes place after 1st June, the cover shall commence from the date of auto debit of premium by Bank  Accident cover assurance termination  The accident cover of the member shall terminate / be restricted accordingly on any of the following events: On attaining age 70 years (age nearer birthday). Closure of account with the Bank or insufficiency of balance to keep the insurance in force. In case a member is covered through more than one account and premium is

  Pradhan Mantri Jan Arogya Yojana Details PMJAY is a health insurance scheme for low-income Families of rural and urban areas. The scheme aims to provide affordable health care facilities to the Poor.  Key Features of PM-JAY PM-JAY is the world’s largest health insurance/ assurance scheme fully financed by the government. It provides a cover of Rs. 5 lakhs per family per year for secondary and tertiary care hospitalization across public and private empanelled hospitals in India. Over 10.74 crore poor and vulnerable entitled families (approximately 50 crore beneficiaries) are eligible for these benefits. PM-JAY provides cashless access to health care services for the beneficiary at the point of service, that is, the hospital. PM-JAY envisions to help mitigate catastrophic expenditure on medical treatment which pushes nearly 6 crore Indians into poverty each year. It covers up to 3 days of pre-hospitalization and 15 days post-hospitalization expenses such as diagnostics and medicines.

  Good Governance Day: Celebrating Atal Bihari Vajpayee, who changed the way India governed      Every year on December 25, India celebrates Good Governance Day or Sushasan Diwas. The day was established in 2014 to honour former Prime Minister Atal Bihari Vajpayee on his birthday. Under Vajpayee's visionary leadership, efforts to improve governance began to show up in the lives of the people. Why do we celebrate Good Governance Day?       The purpose of the day is to inform citizens about the government's responsibilities and duties. Good Governance Day is observed to promote the welfare and advancement of the people. The day attempts to ensure a highly effective and accountable government for the country's citizens. It also aims to bring citizens closer to the government and to make them active participants in the process of good governance. On December 23, 2014, India's highest civilian award, the Bharat Ratna, was bestowed upon Atal Bihari Vajpayee and Pandit Madan M

  Pradhan Mantri Suraksha Bima Yojana Details An Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. Premium  Rs.12/- per annum per member. The premium will be deducted from the account holder’s bank account through ‘auto debit’ facility in one instalment on or before 1st June of each annual coverage period under the scheme. Coverage Duration The cover shall be for the one-year period stretching from 1st June to 31st May However, in cases where auto debit takes place after 1st June, the cover shall commence from the date of auto debit of premium by Bank Accident cover assurance termination The accident cover of the member shall terminate / be restricted accordingly on any of the following events: On attaining age 70 years (age nearer birth day). Closure of account with the Bank or insufficiency of balance to keep the insurance in force. In case a member is covered through more than one account and premium is rec

  Pradhan Mantri Jeevan Jyoti Bima Yojana      PMJJBY is an insurance scheme by Ministry of Finance, offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered / administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with Banks / Post office for this purpose. All individual account holders of participating banks/ Post office in the age group of 18 to 50 years are entitled to join. Aadhaar is the primary KYC for the bank / Post office account. REVISED RULES FOR PRADHAN MANTRI JEEVAN JYOTI BIMA  YOJANA  (w.e.f. 1.6.2022) 1. Details of the scheme: PMJJBY is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered / administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessar