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    Monday, 3 October 2016

    IBPS General Awareness and Current Affairs 2016- Special Capsule for PO/Clerk Exam Part-3

    Dear Readers. Good news for our readers that today we are again posting IBPS General Awareness and Current Affairs 2016- Special Capsule for PO/Clerk Exam as Part-3 (Check Part 1, Part 2 here) for your upcoming bank exams like IBPS PO, IBPS Clerk, SBI PO 7 Clerk etc. This series of capsule is related to Current Affais and Banking Awareness and General Awareness mixed study notes point for your revsion as best to best IBPS Bank exam Preparation. You also must read and check our General Knowledge for bank exams section.


    Capsule 1. Magnetic Ink Character Recognition Code (MICR Code) is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.

    Capsule 2. Statutory liquidity ratio (SLR) is the Indian government term for reserve requirement that the commercial banks in India require to maintain in the form of cash, gold, government approved securities before providing credit to the customers.

    Capsule 3. China has unveiled the world’s first facial recognition ATM. The new cash machine was developed by Tsinghua University, a research university in Beijing.

    Capsule 4. A cheque is considered a valid cheque if the date entered on the cheque is within 3 months of the actual date on which it is presented. For example, a cheque with the date of 10th Jan 2016 will be valid if it is presented to the bank on or before 10th April 2016.


    Capsule 5. The New Development Bank (NDB) headquarter located in Shanghai, China.

    Capsule 6. SMART Money term used for Credit Card, is an electronic wallet, that allows you to Shop, pay bills, etc.

    Capsule 7. IFSC is an 11- alphanumeric code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.

    Capsule 8. Payment Banks applicant applications are analyzed and evaluated by an External Advisory Committee (EAC). The EAC Committee for Payment Banks is chaired by Dr. Nachiket Mor, Director, Central Board of the Reserve Bank of India.

    Capsule 9. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) empowers Banks / Financial Institutions to recover their non-performing assets (bad loans) without the intervention of the Court.

    Capsule 10. Pradhan Mantri Suraksha Bima Yojana (PMSBY) - Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme. Premium: Rs. 12 per annum. Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.

    Capsule 11. NDTL full form is - Net Demand and Time Liability

    Capsule 12. Magnetic Ink Character Recognition Code (MICR Code) is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.

    Capsule 13. State Bank of India launched “SBI eforex”, an internet-based platform that enables customers to book their foreign exchange transactions online.

    Capsule 14. Dormant means inactive and inoperative means which is not being operated i.e. no transactions have been undertaken recently. In terms of RBI guidelines "A savings as well as current account should be treated as inoperative / dormant if there are no transactions in the account for over a period of two years".

    Capsule 15. Corporate Debt Restructuring (“CDR”) mechanism is a voluntary non statutory mechanism under which financial institutions and banks come together to restructure the debt of companies facing financial difficulties due to internal or external factors, in order to provide timely support to such companies.

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