Banking Related Questions and Answers
1. What is Bank? Institution which accept deposit for lending Banks are the financial institutions that mobilise the savings of the community and make them available to the people for generating income. A bridge between the user of capital and those who save but can’t use the funds themselves. 2. What are the functions of Banks? 1. Receipts of Deposits: 3 types of deposits- Current deposits, Savings deposits, Term deposits 2. Lending of Money: Cash Credit, Over Draft, Loans and Advances 3. Agency Services: Collection of bills, promissory notes, cheques, acting as trustee, purchase and sales of shares and securities. 4. General Services: Issue of Letter of Credit, Safety Deposits, Bank Drafts.
3. What are the reasons behind Nationalisation of Banks? a. b. c. d. e. Private ownership of commercial banks and concentration of economic powers. Neglect of Agricultural sector. Violation of Norms. Speculative Activities. Neglect of priority sectors.
4. Name of the 14 Banks Nationalized on 19th July, 1969:1. The Central Bank of India 2. Bank of India 3. Punjab National Bank 4. Bank of Baroda 5. United commercial Bank 6. Canara Bank 7. United Bank of India 8. Dena Bank 9. Syndicate Bank 10.Union Bank of India 11.Allahabad Bank 12.Indian Bank 13.Bank of Maharashtra 14.Indian Overseas Bank 5. Name of the 6 Banks Nationalized on 15th April, 1980:1. Andhra Bank 2. Oriental Bank of Commerce 3. Corporation Bank 4. Punjab & Sind Bank 5. New Bank of India 6. Vijaya Bank
7. What are the different Types of Bank? 1. Scheduled Bank:- These are the banks which appear in second schedule of RBI Act, 1934, Section 42(1B) 2. Non Scheduled Bank:- The Banks which are not included in 2nd schedule of RBI Act, 1934. 3. Private Banks:- Banks whose ownership and management rests with private shareholders and whose criterion on index of efficiency means maximum profitability are known as private banks. Examples: Axis Bank ltd, YES Bank ltd etc 4. Foreign Banks:- Banks which have their Head
3. What are the reasons behind Nationalisation of Banks? a. b. c. d. e. Private ownership of commercial banks and concentration of economic powers. Neglect of Agricultural sector. Violation of Norms. Speculative Activities. Neglect of priority sectors.
4. Name of the 14 Banks Nationalized on 19th July, 1969:1. The Central Bank of India 2. Bank of India 3. Punjab National Bank 4. Bank of Baroda 5. United commercial Bank 6. Canara Bank 7. United Bank of India 8. Dena Bank 9. Syndicate Bank 10.Union Bank of India 11.Allahabad Bank 12.Indian Bank 13.Bank of Maharashtra 14.Indian Overseas Bank 5. Name of the 6 Banks Nationalized on 15th April, 1980:1. Andhra Bank 2. Oriental Bank of Commerce 3. Corporation Bank 4. Punjab & Sind Bank 5. New Bank of India 6. Vijaya Bank
7. What are the different Types of Bank? 1. Scheduled Bank:- These are the banks which appear in second schedule of RBI Act, 1934, Section 42(1B) 2. Non Scheduled Bank:- The Banks which are not included in 2nd schedule of RBI Act, 1934. 3. Private Banks:- Banks whose ownership and management rests with private shareholders and whose criterion on index of efficiency means maximum profitability are known as private banks. Examples: Axis Bank ltd, YES Bank ltd etc 4. Foreign Banks:- Banks which have their Head