On-Line Tax Accounting System(OLTAS)

The advisory Group on Tax Reforms under the Chairmanship of Dr. Vijay Kelkar had recommended networking of Income Tax Department, Banks and Reserve Bank of India to facilitate On-line Transmission of details regarding tax collection/refund, etc. between banks and offices of Income Tax Department and also RBI for settlement of funds.
To examine the various issues relating to implementation of the Kelkar Committee recommendations stated above, the RBI constituted a High Power Committee in February 2003, under the Chairmanship of Shri B. Swarup, Member (Inv.), Central Board of Direct Taxes (CBDT) to recommend suitable measures in this regard. Chairman, IBA was a Member of this Committee.
The High Power Committee under the aegis of the RBI constituted a Sub-Group on Business Processess Designing for the OLTAS, under the Chairmanship of Shri C.B. Bhave, Managing Director, NSDL, Mumbai and Chief Executive, IBA as one of its members. The Group recommended that a Single Copy Challan should be adopted for payment of taxes as recommended by Kelkar Committee for simplifying the process for the tax payer. Accordingly, Single Copy Challan has been introduced in place of 4 Copy Challans from 1st June 2004.
The High Power Committee constituted a Technical Sub-Committee, chaired by Shri R.N. Ramanathan, Dy. Managing Director (IT), State Bank of India and with representatives from Income-tax Department (Systems), Controller of Accounts, CBDT, RBI and IBA, to address all issues for conducting pilot studies on On-Line Tax Accounting System (OLTAS). The Technical Sub-Committee held several meetings in the IBA and finalized the record structure and file format for the On-Line Transmission of tax information from the collecting banks to the TIN (Tax Information Network at NSDL) and the Income Tax Department. The Technical Committee also finalized the modalities for conducting pilot studies on OLTAS and three pilots were launched between June 2003 and April 2004:-

Phase I	Phase II	Phase III
Conducted from 9th June 2003 to 15th July 2003 involving selected branches of 15 Public Sector Banks in the 4 Metros of Mumbai, Delhi, Chennai and Kolkata	Conducted from 1st Sep. to 15th Nov. 2003. During this phase, the no. of centres were increased to 8 viz. the four metros of Mumbai, Delhi, Kolkata and Chennai and Cities of Ahmedabad, Bangalore, Hyderabad and Pune.	Conducted from 1st Dec. 2003 to 31st May 2004. No. of participating banks increased from 15 to 19 incl.HDFC Bank, ICICI Bank, IDBI Bank and UTI Bank. From 1st Feb. 2004, the 12 remaining banks collecting IT also joined the Pilot, thus bringing the total no. tax collecting banks to 32 including RBI

Originally, the Pilot on OLTAS was confined only to the corporate tax payers, however, after 15th February 2004, the project covered both corporate and individual tax payers and finally, from 1st June 2004, the Pilot went All-India, covering all the authorized branches of the 32 participating banks all over the country. Several measures were taken to ensure smooth operations under the OLTAS. A crack team was setup in the IBA with members from CBDT, RBI, NSDL, SBI and banks for resolving problems immediately before and after the launch of the OLTAS project. A central technical help desk was setup at every bank to attend quickly to technical problems at the bank level. Additional arrangements for receipt of tax challans and help desks were setup at collecting branches to clarify the queries that may be raised by the assesses at the branch level during peak time. Declared under the Mission Mode, the OLTAS project is monitored at the highest levels.
Settlement of funds under OLTAS:

Originally, the OLTAS Project covered only the tax information data. The funds collected by the bank branches followed the manual mode and was reconciled with the paper scrolls sent to the ZAO. However, from 1st April 2005, the OLTAS Pilot Project was commercially rolled out and the settlement of funds was also migrated to on-line mode. Thus, from 1st April 2005, the banks had to reconcile funds collected on a day to day basis with the electronic data reported by banks to TIN.
With over 12000 branches reporting tax data, there were several issues related to quality of data being uploaded to TIN. For overseeing all such issues, the High Powered Committee has constituted a Monitoring Group under the Chairmanship of Member (Revenue), CBDT. The Committee meets regularly and addresses areas of concern. At its recent meeting held on 30th January 2006, the Group discussed the following issues among others:
a) Of the 12000 total number of branches collecting taxes, 60 were found not to be reporting to TIN. These were found to be mainly those that had nil collections over several months/ years and had applied for delisting.
b) While number of challans with missing PAN / TAN were negligible, the number of records with fictitious / non-existent PAN / TAN continued to be approximately 10%. For addressing this issue, various measures were discussed and agreed upon. These included introducing bar-coded pre-printed challans, verifying PAN / TAN entry against a regional database provided by the Income-Tax department, using the bulk query facility of the Income Tax department, etc. It was decided that in certain cases, the banks could also request for a copy of the PAN / TAN card from the tax payer.
c) Reconciliation of the funds settled with the RBI and the OLTAS data transmitted by banks on day-to-day basis. The difference for January 2006 was found to be only 2.46 crores while the total tax collection was Rs.7327.40 crores.
With concerted effort from the CBDT, RBI, the banks and the IBA, the On-line Tax Accounting for the Direct Taxes has become a reality. This project is one of its kind in the whole world.

Banking terms for interview

RBI – The Reserve Bank of India is the apex bank of the country, which was constituted under the RBI Act, 1934 to regulate the other banks, issue of bank notes and maintenance of reserves with a view to securing the monetary stability in India.

Demand Deposit – A Demand deposit is the one which can be withdrawn at any time, without any notice or penalty; e.g. money deposited in a checking account or savings account in a bank.

Time Deposit – Time deposit is a money deposit at a banking institution that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn or it can be held for another term. 

Fixed Deposits – FDs are the deposits that are repayable on fixed maturity date along with the principal and agreed interest rate for the period. Banks pay higher interest rates on FDs than the savings bank account.

Recurring Deposits – These are also called cumulative deposits and in recurring deposit accounts, a certain amounts of savings are required to be compulsorily deposited at specific intervals for a specified period.

Savings Account – Savings account is an account generally maintained by retail customers that deposit money (i.e. their savings) and can withdraw them whenever they need. Funds in these accounts are subjected to low rates of interest.

Current Accounts – These accounts are maintained by the corporate clients that may be operated any number of times in a day. There is a maintenance charge for the current accounts for which the holders enjoy facilities of easy handling, overdraft facility etc.

FCNR Accounts – Foreign Currency Non-Resident accounts are the ones that are maintained by the NRIs in foreign currencies like USD, DM, and GBP etc. The account is a term deposit with interest rates linked to the international rates of interest of the respective currencies.

NRE Accounts – Non-Resident External accounts are the ones in which NRIs remit money in any permitted foreign currency and the remittance is converted to Indian rupees for credit to NRE accounts. The accounts can be in the form of current, saving, FDs, recurring deposits. The interest rates and other terms of these accounts are as per the RBI directives.

Cheque Book - A small, bound booklet of cheques. A cheque is a piece of paper produced by your bank with your account number, sort-code and cheque number printed on it. The account number distinguishes your account from other accounts; the sort-code is your bank's special code which distinguishes it from any other bank.

Cheque Clearing - This is the process of getting the money from the cheque-writer's account into the cheque receiver's account.

Clearing Bank - This is a bank that can clear funds between banks. For general purposes, this is any institution which we know of as a bank or as a provider of banking services.

Bounced Cheque - when the bank has not enough funds in the relevant account or the account holder requests that the cheque is bounced (under exceptional circumstances) then the bank will return the cheque to the account holder. The beneficiary of the cheque will have not been paid. This normally incurs a fee from the bank.

Credit Rating - This is the rating which an individual (or company) gets from the credit industry. This is obtained by the individual's credit history, the details of which are available from specialist organisations like CRISIL in India.

Credit-Worthiness - This is the judgement of an organization which is assessing whether or not to take a particular individual on as a customer. An individual might be considered credit-worthy by one organisation but not by another. Much depends on whether an organization is involved with high risk customers or not.

Interest - The amount paid or charged on money over time. If you borrow money interest will be charged on the loan. If you invest money, interest will be paid (where appropriate to the investment).

Overdraft - This is when a person has a minus figure in their account. It can be authorized (agreed to in advance or retrospect) or unauthorized (where the bank has not agreed to the overdraft either because the account holder represents too great a risk to lend to in this way or because the account holder has not asked for an overdraft facility).

Payee - The person who receives a payment. This often applies to cheques. If you receive a cheque you are the payee and the person or company who wrote the cheque is the payer.

Payer - The person who makes a payment. This often applies to cheques. If you write a cheque you are the payer and the recipient of the cheque is the payee.

Security for Loans - Where large loans are required the lending institution often needs to have a guarantee that the loan will be paid back. This takes the form of a large item of capital outlay (typically a house) which is owned or partly owned and the amount owned is at least equivalent to the loan required.

Internet Banking - Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by the bank.

Credit Card - A credit card is one of the systems of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services.

Debit Card – Debit card allows for direct withdrawal of funds from customers bank accounts. The spending limit is determined by the available balance in the account.

Loan - A loan is a type of debt.  In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. There are different kinds of loan such as the house loan, auto loan etc.

Bank Rate - This is the rate at which central bank (RBI) lends money to other banks or financial institutions.   If the bank rate goes up, long-term interest rates also tend to move up, and vice-versa.

CRR - CRR means Cash Reserve Ratio.  Banks in India are required to hold a certain proportion of their deposits in the form of cash with Reserve Bank of India (RBI). This minimum ratio is stipulated by the RBI and is known as the CRR or Cash Reserve Ratio.  Thus, When a bank’s deposits increase by Rs100, and if the cash reserve ratio is 9%, the banks will have to hold additional Rs 9 with RBI and Bank will be able to use only Rs 91 for investments and lending / credit purpose. Therefore, higher the ratio (i.e. CRR), the lower is the amount that banks will be able to use for lending and investment.  This power of RBI to reduce the lendable amount by increasing the CRR makes it an instrument in the hands of a central bank through which it can control the amount that banks lend.  Thus, it is a tool used by RBI to control liquidity in the banking system.

SLR - SLR stands for Statutory Liquidity Ratio. This term is used by bankers and indicates the minimum percentage of deposits that the bank has to maintain in form of gold, cash or other approved securities.  Thus, we can say that it is ratio of cash and some other approved to liabilities (deposits). It regulates the credit growth in India. 

ATM - An automated teller machine (ATM) is a computerised telecommunications device that provides the clients with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a unique card number and some security information such as an expiration date or CVV. Authentication is provided by the customer entering a personal identification number (PIN)

Corporation Bank's SHG-bank linkage programme bags Nabard award

Corporation Bank has bagged the ‘Best Performance Award 2010-11' in SHG-bank linkage in Karnataka from National Bank for Agriculture and Rural Development (Nabard).

A bank release said that the bank has won this award for its ‘highest recovery performance in lending to SHG (self-help groups)' among all participating banks in Karnataka.

In Karnataka, Corporation Bank has financed 3,714 SHGs directly, to an extent of Rs 50.38 crore.

Since inception, the groups are guided on credit discipline and close follow up, due to which the recovery percentage is at a high at 92 per cent. For the creditable performance, the bank has been recognised with the best performance award by Nabard, it said.

Mr Amar Lal Daultani, Executive Director of Corporation Bank, received the award from Mr Umesh Katti, Karnataka Minister for Agriculture, in Bangalore on Wednesday. Mr Rama Murthy, General Manager of Corporation Bank, was present on the occasion.

FINANCIAL INCLUSION

Corporation Bank has actively implemented and operationalised its branchless banking model of financial inclusion in 3,216 locations in the country at the end of January. Apart from southern states, the bank has also expanded to states such as Gujarat, Maharashtra, Haryana, Punjab and West Bengal.

The bank has opened 14.12 lakh ‘no-frill' savings accounts with a balance of Rs 54.82 crore and around 24,000 general credit cards with an outstanding balance of Rs 33 crore, the release added.

ATM outsourcing by banks catching on

Public sector banks are increasingly looking at outsourcing the operation and maintenance of their automated teller machines (ATMs).

As of now, tenders have been notified for over 40,000 ATMs in various States to outsource ATMs by a consortium of public sector banks. The Finance Ministry had asked public sector banks to take this approach to effect economies of scale. There is a lead bank for each State or geographical cluster which places the order on behalf of the consortium.

In the outsourced ATM model, a bank will not have any role in installation, maintenance and management of services of ATMs and cash dispensers unlike the own-ATM model currently in use.

Payments will be made to ATM vendors on per-transaction basis.

Banks are still cagey about the cost-advantage likely in the outsourced model. But sources say, the main driver for the outsourced ATM model is a perceived 10-20 per cent savings in cost per transaction.

“The main hassle in managing ATMs is their maintenance. There are increasing problems in operational aspects of the cash dispenses such as satellite link failure, electricity and security issues. We will not have to worry about this in the outsourced ATMs,” said a senior official of Andhra Bank.

However, not all banks are keen to outsource ATMs. Indian Bank, for instance, prefers to have it own ATMs.

When asked about the cost-advantage in outsourcing model, he said it would depend on a variety of factors and can differ from bank to bank due to individual agreements on transaction-based payments.

According to RBI data, there are 87,000 ATMs in the country.

Forex reserves increase by $1.62 billion

The foreign currency reserves surged by $1.607 billion to $295.047 billion for the week ended February 24, after a modest rise in the earlier week. In the earlier week, forex reserves had increased by $55.8 million to $293.439 billion

The increase in reserves was mainly on account of currency revaluation.

According to the Reserve Bank of India's Weekly Statistical Supplement, foreign currency assets, in the week under review, increased by $1.567 billion to $261.101 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, sterling, yen held in reserves.

Gold was unchanged at $26.727 billion.

SDRs increased by $25.3 million to $4.480 billion and the country's reserves in the IMF increased by $15.2 million to $2.737 billion.

GENERAL AWARENESS PRACTICE QUESTIONS

1. Which of the following statement (s) reflects India’s stand on new World Trade Organization’s proposal on the issue of the subsidy to agro products ?
(1) India would protect the interest of its poor farmers who can not bear the burden of the cost of the products if they have to sell them on cheaper rate.
(2) Indian industry needs more flexibility as compared to the industry in developed countries.
(3) WTO has set up a new committee under the chairmanship of Putin of Russia to look into the issue of subsidy and find out a solution to the problem acceptable to all the parties.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 & 2
(E) None of these

2. Which of the following statement (s) is / are true about the 11th five year plan of India ?
(1) The highest priority is given to exports , education and development of steel sector.
(2) The plan aims at achieving the growth at 10 % level by the end of the plan.
(3) The Rashtriya Krishi Vikas Yojana is revived in such a way so that it can be achieve a growth nof 4 % for agriculture sector.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 & 2
(E) None of these

3. As per the figures released recently the Stock markets in emerging economies made handsome returns last year (2007-08). Which of the following stock markets amongst the BRIC nations registered highest increased (97 %) compared to its performance in 2006-07 ?
(A) Cina
(B) Brazil
(C) Russia
(D) India
(E) None of these

4. Bayana which was in news recently is a place in -
(A) Uttar Pradseh
(B) Madhya Pradseh
(C) Bihar
(D) Haryana
(E) Rajasthan

5. Which of the following statement (s) is / are correct about the Indo-Russia Bilateral Defence Ties ?
(1) Both the countries have decided to produce a fifth generation fighter aircraft and a multi role cargo plane.
(2) India has agreed to launch Russian missiles from its base at Chandipur incase some other nation attacks on Russia
(3) India and Russia were able to sort out differences over the utilization of Rupee debt fund which is of Rs. 8000 Crore at present.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 & 3 only
(E) None of these

6. India has recently decided to put a wire fence on the 76 km. long border in Dhudri district in Assam. The fence will separate India from -
(A) Nepal
(B) China
(C) Bangladesh
(D) Myanmar
(E) Pakistan
ANS (C)

7. As we all know the Govt. of India is very keen about providing banking service to the people in rural and remote areas . However , banks feel that the cost of providing services in these areas for financial inclusion is quite high if services are offered through the “traditional branch channel “. What is / are the other alternative cost effective channel (s) to fulfill this aim of the Govt. of India ?
(1) Putting biometric ATMs.
(2) Introduce mobile banking.
(3) Issue credit or debit cards
(A) Only 1
(B) Only 2
(C) Only 3
(D) All 1,2 & 3
(E) None of these

8. The Govt. of India recently issued a notification altering constituencies in 24 States and Union territories. This is done as per the provision of which of the following Acts?
(A) Delimitation Act
(B) Census Act
(C) Parliament Act
(D) State Reorganization Act
(E) None of these

9. As we read very frequently in the newspaper fraudulent activities in financial world is still continuing despite various efforts made by various countries to prevent them. As an estimate by IMF, what is the probable amount derived from such illegal activities which is laundered through the world’s formal financial systems every year? About -
(A) US$ 500 billion
(B) US$ 800 billion
(C) US$ 1000 billion
(D) US$ 1250 billion
(E) US$ 1500 billion

10. Indian Prime Minister during his visit the Arunachal Pradesh a few months back asserted that the State is India’s Land of Rising Sun. Which of the following countries did not like his statement and had raised some objection over his visit to Arunachal Pradesh which is very much a part of India?
(A) Myanmar
(B) China
(C) Bangladesh
(D) Bhutan
(E) Nepal

11. Which of the following is the amount of insurance cover provided to the workers of the unorganized sector under Rashtriya Swasthya Bima Yojana?
(A) Rs. 10,000/-
(B) Rs. 20,000/-
(C) Rs. 30,000/-
(D) Rs. 40,000/-
(E) Rs. 50,000/-

12. Which of the following is NOT one of the highlights Economic Survey presented in the Lok Sabha for the year 2007-08?
(A) Economy has “moved to higher growth phase”
(B) A trend of acceleration in domestic investment and saving rate is recorded.
(C) Buoyant growth in Govt. revenue.
(D) Indian Economy at market rate of exchange crossed 1 trillion US$ in current fiscal.
(E) Net Foreign direct Investment increased by 350 % .

13. Which of the following is / are correct about sub prime crisis which was in news recently?
(1) It has reduced the flow of capital coming of Indian Stock Markets.
(2) The sub prime crisis is the major financial crisis whose origin is in the Russia and Brazil. It has adversely affected the economy of Europe and USA.
(3) The crisis started when some people started trading with false Share certificates of major blue chip US companies in the stock markets.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 & 2
(E) None of these
ANS ()

14. The Prime Minister Gram Sadak Yojana (PMGSY) has a target to connect all habitations of which of the following levels with all weather roads by 2008-09?
(A) 1000+
(B) 2000+
(C) 3000+
(D) 4000+
(E) None of these

15. As we all know the value of the Indian rupee has appreciated in the recent past . The value of the Rupee is direct dependent on which of the following?
(A) Availability of commodities in the market.
(B) VAT introduced by the Govt. on various commodities.
(C) Size of total Forex Reserve of India currently.
(D) Capital flow in the market during a given period of time.
(E) None of these

16. Which of the following banks has taken over the Centurion Bank of Punjab?
(A) ICICI Bank
(B) IDBI Bank
(C) HDFC Bank
(D) AXIS Bank
(E) None of these

17. As per provision made in Bharat Nirman programme the pace of creation of irrigation facilities is required to be raised from present level of 1.42 million hectare per year in such a way so that it can achieve the target level fixed for the same?
(A) 1.50 million hectares / year
(B) 1.75 million hectares / year
(C) 2.00 million hectares / year
(D) 2.25 million hectares / year
(E) 2.50 million hectares / year

18. Inflation has become major area of concern in India these days. What measures do the Govt. pf India / RBI normally take to control the same?
(1) Fixation of Maximum Price of the Commodities
(2) System of Dual prices.
(3) Increased in supply of food grains.
(4) Control on credit and liquidity in market.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Only 2,3 & 4
(E) All 1,2,3 & 4

19. How much edcation cess is being levied on all the taxes to support elementary education for the children of age group of 6-14 years under Sarva Shiksha Abhiyan (SSA)?
(A) 0.50%
(B) 0.75%
(C) 1.00%
(D) 1.5O%
(E) 2.00%

20. Which of the following is / are correct about various concessions given in the Union Budget for 2008-09?
(1) Five years tax holidays for setting up hospitals in Tier II & Tier III regions for providing health care in rural areas.
(2) Commodities tax transaction to be introduced.
(3) Banking cash transaction tax withdrawn.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Only 2 & 3
(E) All 1,2 & 3

21. Which of the following statements reflects the aim (s) Jawaharlal Nehru National Urban Renewal Mission (JNNURM)?
(1) Give focused attention to integrated development of infrastructure in selected cities.
(2) Provide basic services to the urban poors
(3) Scale up civic amenities and provision of utilities in urban areas.
(A) Only 1
(B) Only 2
(C) Only 3
(D) All 1,2 & 3
(E) None of these

22. The Press Freedom Day is observed on which of the following days?
(A) 1st May
(B) 1st June
(C) 3rd May
(D) 3rd June
(E) 10th June

23. As per the decision taken by the Govt. of India now the National Rural Employment Guarantee Act is extended to all the districts of India. This means it will now be applicable to about-
(A) 200 districts
(B) 300 districts
(C) 400 districts
(D) 500 districts
(E) 600 districts
ANS (E)

24. As per the reports published by the Ministry of Finance recently the overseas borrowings by the Corporates and currency fluctuation has gone up by which of the following percentage points? About -
(A) 1%
(B) 2%
(C) 3%
(D) 4%
(E) 5%

25. The Govt. of India and Reserve Bank of India is planning to set up an autonomous “ATM corporation of India” in which various banks can get together for common ATM operations. If this happens how will we all be benefited by the same?
(1) It will be a cost effective measure as each bank can share its operational cost with others.
(2) Clients can withdrawn money from any ATM from any location. They are not required to go to their banks’ ATM only.
(3) It will indirectly help the IT business also as India has a large pool of IT skilled manpower waiting for suitable placement.
(A) Only 1
(B) Only 2
(C) Both 1 & 2
(D) All 1,2 & 3
(E) None of these

26. As per the news published in various newspapers the Govt. of India has decided to create a Strategic Reserve of -
(A) Oil & Petroleum
(B) Rasoi Gas
(C) Food grains
(D) Cement & Steel
(E) None of these

27. The Govt. of India had constituted a high level committee on financial sector reforms with Raghuram G. Rajan as its Chairman. Which of the following is / are the recommendations of the committee?
(1) Liberalize the interest rate that banks/institution can charge to ensure credit for poors.
(2) Create an office of the Ombudsman exclusively for financial sector.
(3) Do not allow foreign investors in domestic stock markets.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 & 2
(E) None of these

28. Yves Leterme has taken over as the prime minister of -
(A) Newzealand
(B) Belgium
(C) Croatia
(D) Portugal
(E) None of these

29. The State Bank of India recently opened its 10000th branch in Puduvayal (Tamil Nadu). Only a bank in China has more branches than State Bank of India in the world. What is the name of that Chinese bank?
(A) Shanghai Commercial Bank
(B) Bank of China
(C) China Banking Corporation
(D) Industrial and Commercial Bank of China
(E) None of these

30. Many a times we read about ‘Globalization’ and its impact on business practice in India. Which of the following is NOT one of the important parameters of ‘Globalization’?
(1) Reduction of trade barriers to permit free flow of goods and services amongst various nations.
(2) Developing an environment in which free flow of capital can take place.
(3) Promoting local industry to cater to the needs of the consumers in Tier II and Tier III cities. The production from metros should be reserved only for exports.
(A) Only 1
(B) Only 2
(C) Only 3
(D) All 1,2 & 3
(E) Both 2 & 3

ANSWERS

1 - A    2 - D   3-D   4-E   5-A   6-C   7-B   8-A   9-D   10-B
11-C   12-E   13-   14-A   15-A   16-C   17-D   18-D   19-E
20-E   21-D   22-C   23-E   24-C   25-C   26-C   27-E   28-E
29-D   30-D

Prathama Gramin Bank Officers Exam. Solved Paper

General Knowledge 

(Exam Held on 25-9-2011)

1. Who amongst the following is a Classic Russian author and had written famous book ‘Anna Karenina’ ?

(A) Anton Chekhov
(B) Leo Tolstoy
(C) Maxim Gorky
(D) Vladimir Nabokav
(E) Boris Pasternak
Ans : (B)

2. What is the full form of the letter ‘D’ in the abbreviation ‘MPLADS’ which was recently in news ?
(A) Damaging
(B) Decorating
(C) Development
(D) Dealing
(E) Delimitation
Ans : (C)

3. The World Bank has given a US $ 1 billion loan to clean which of the following rivers in India ?
(A) Narmada
(B) Krishna
(C) Ganga
(D) Jhelum
(E) Beas
Ans : (C)


4. India is a member of which of the following group of countries ?
(A) OPEC
(B) NATO
(C) European Union
(D) Least Developed countries
(E) BRICS
Ans : (E)

5. Prime Minister of India was recently on a visit to Ethiopia and Tanzania. This means he visited two—
(A) European countries
(B) African countries
(C) Asian countries
(D) American countries
(E) Middle East countries
Ans : (B)

6. The 34th National Games were organized in which of the following States ?
(A) Bihar
(B) Assam
(C) Maharashtra
(D) Gujarat
(E) Jharkhand
Ans : (E)

7. Who among the following has taken over as Union Minister of Railways ?
(A) Dinesh Trivedi
(B) Lalu Prasad Yadav
(C) Kamal Nath
(D) Sharad Pawar
(E) Anand Sharma
Ans : (A)

8. India recently decided to provide US $ 500 million to which of the following nations in its neighbourhood to help it in its redevelopment projects as the country is trying to come up after a long civil war and control of UN peace keeping forces ?
(A) Bangladesh
(B) Pakistan
(C) Afghanistan
(D) Nepal
(E) Bhutan
Ans : (C)

9. As per the amendments made in the Right to Education Act, now free-education will be available to the children upto Standard—
(A) 4th
(B) 6th
(C) 8th
(D) 10th
(E) 12th
Ans : (D)

10. Which of the following State Govts. signed a historical pact on Gorkhaland Administration a few months back ?
(A) Uttarakhand
(B) Uttar Pradesh
(C) West Bengal
(D) Assam
(E) Manipur
Ans : (C)

11. NATO recently attacked and bombarded which of the following countries as it wanted to control violence between the Govt. of that country and a group of protestors ?
(A) Russia
(B) Iran
(C) Pakistan
(D) Bangladesh
(E) Libya
Ans : (E)

12. India’s population is approximately—
(A) 1 billion
(B) 1•5 billion
(C) 1•75 billion
(D) 1•21 billion
(E) 1•6 billion
Ans : (D)

13. Who amongst the following is the Speaker of the Lok Sabha at present ?
(A) Ambika Soni
(B) Meira Kumar
(C) Pranab Mukherjee
(D) Sushma Swaraj
(E) Sonia Gandhi
Ans : (B)

14. India recently resumed Foreign Ministerial level talks with which of the following countries which was suspended sometimes back due to deadlock on certain crucial issues ?
(A) USA
(B) Bangladesh
(C) China
(D) Pakistan
(E) Sri Lanka
Ans : (D)

15. Which of the following was the issue which was discussed in a specially convened session of the Parliament on August 27, 2011 ?
(A) Land Acquisition Amendment Bill
(B) Constitutional Reforms Bill
(C) Women’s Reservation Bill
(D) Anti Commercial Violence Bill
(E) Lok Pal Bill after its redrafting
Ans : (E)

16. ‘Dhanush’ is an indigenously developed by India—
(A) Missile
(B) Sub-marine
(C) Patton tank
(D) Fighter plane
(E) Passenger aircraft
Ans : (A)

17. Islam Karimov who was on a visit to India is the President of—
(A) Iraq
(B) Iran
(C) Ethiopia
(D) Tanzania
(E) Uzbekistan
Ans : (E)

18. Which of the following is the name of a missile developed by India ?
(A) Dhruva
(B) USHA
(C) Vivian
(D) Trishul
(E) PADMA
Ans : (D)

19. Who among the following is not a Cricket Player ?
(A) Ashish Nehra
(B) James Anderson
(C) Shivnarine Chanderpaul
(D) Jade Dernbach
(E) Vishwanathan Anand
Ans : (E)

20. The 11th Five Year Plan will be over in—
(A) December 2011
(B) January 2012
(C) March 2012
(D) December 2012
(E) March 2013
Ans : (C)

21. Who amongst the following is a well known name in the field of Banking in India ?
(A) H. R. Bharadwaj
(B) S. Y. Qureshi
(C) Yusuf Pathan
(D) D. Subbarao
(E) Ashok Gehlot
Ans : (D)

22. Who among the following is not a Chief Minister of a State at present ?
(A) Tarun Gogoi
(B) Ghulam Nabi Azad
(C) N. Rangaswamy
(D) Raman Singh
(E) Arjun Munda
Ans : (B)

23. Mamta Banerjee belongs to which political party ?
(A) Congress
(B) CPM (I)
(C) BJP
(D) Trinamool Congress
(E) BSP
Ans : (D)

24. Who among the following was given Lifetime Achievement Award in 12th IIFA Awards Ceremony held in Toronto in June 2011 ?
(A) Asha Bhonsle
(B) Lata Mangeshkar
(C) Amitabh Bachchan
(D) Rajesh Khanna
(E) Hema Malini
Ans : (A)

25. Asian Cup Women’s Boxing Tournament was organized in May 2011 in—
(A) Japan
(B) China
(C) South Korea
(D) India
(E) Malaysia
Ans : (B)

26. Which of the following States won the National Hockey Championship 2011 ?
(A) Karnataka
(B) Haryana
(C) Punjab
(D) Maharashtra
(E) Kerala
Ans : (B)

27. Which of the following is an ore of a metal ?
(A) Bauxite
(B) Lime Stone
(C) Sulphur
(D) Menthol
(E) Camphor
Ans : (A)

28. The 43rd Jnanpith Award was given to whom among the following ?
(A) S. L. Bhyrappa
(B) Vishwanath Prasad Tiwari
(C) O. N. V. Kurup
(D) Javed Akhtar
(E) Malti Joshi
Ans : (C)

29. Who among the following is a famous Chess Player ?
(A) Koneru Humpy
(B) Pargat Singh
(C) Baichung Bhutia
(D) Ajit Pal Singh
(E) Ishant Sharma
Ans : (A)

30. Which of the following is the full form of ‘CBS’ as used in banking system ?
(A) Corporate Business Strategies
(B) Core Banking Solution
(C) Common Banking Strategies
(D) Common Business Strategies
(E) Corporate Banking Solution
Ans : (B)

31. Which of the following is the name of a Private Sector Bank in India ?
(A) Dena Bank
(B) Syndicate Bank
(C) IDBI Bank
(D) Corporation Bank
(E) South Indian Bank
Ans : (E)

32. Which of the following terms is used in the field of Banking and Finance ?
(A) Accrued interest
(B) Assimilation
(C) Deviance
(D) Diffusion
(E) Stagnant population
Ans : (A)

33. Which of the following is not a Public Sector Unit ?
(A) Mishra Dhatu Nigam
(B) Hindalco Industries
(C) Bharat Bhari Udyog Nigam
(D) Container Corporation of India
(E) Hindustan Organic Chemicals
Ans : (E)

34. Which of the following terms is used in the game of Cricket ?
(A) Back hand
(B) Volley
(C) Follow on
(D) Jockey
(E) Deuce
Ans : (C)

35. Which of the following books is written by Arundhati Roy ?
(A) The God of Small Things
(B) A House for Mr. Biswas
(C) The Glass Palace
(D) The Namesake
(E) A Fine Balance
Ans : (A)

36. Which of the following is grown as a Spice used in daily cooking and also to be used as a quick remedy of many common ailments ?
(A) Marigold
(B) Turmeric
(C) Jatropha
(D) Cactus
(E) Fern
Ans : (B)

37. Which of the following prizes / awards is given by the Govt. of India ?
(A) Kalinga Award
(B) Pulitzer Prize
(C) Padma Bhushan
(D) Jamanalal Bajaj Award
(E) Saraswati Samman
Ans : (D)

38. Which of the following is grown as a vegetable ?
(A) Groundnut
(B) Cotton seed
(C) Custard apple
(D) Radish
(E) Castor
Ans : (D)

39. Which of the following cups/trophies is associated with the game of Hockey ?
(A) Irani Cup
(B) Duleep Trophy
(C) Rovers Cup
(D) Agha Khan Cup
(E) Ranji Trophy
Ans : (D)

40. ‘Kathakali’ is a form of dance drama originated in—
(A) Kerala
(B) Tamil Nadu
(C) Orissa
(D) Uttar Pradesh
(E) Manipur
Ans : (A)

41. Who among the following was a famous Scientist of Indian origin and was awarded Nobel Prize during his life time ?
(A) C. V. Raman
(B) Meghnad Saha
(C) Jagdish Chandra Basu
(D) Birbal Sahni
(E) Homi Bhabha
Ans : (A)

42. Which of the following agencies/organizations is closely associated with the functioning of the banking and finance companies in India ?
(A) UNESCO
(B) WTO
(C) SEBI
(D) UGC
(E) CBFC
Ans : (C)

43. Which of the following is not a member of South Asian Association for Regional Cooperation (SAARC) ?
(A) Pakistan
(B) Afghanistan
(C) Nepal
(D) Bhutan
(E) Japan
Ans : (E)

44. Which of the following is called the upper House of the Parliament in India ?
(A) The Lok Sabha
(B) Office of the President of India
(C) The Union Cabinet
(D) Office of the Prime Minister of India
(E) The Rajya Sabha
Ans : (E)

45. What is the full form of ‘KYC’ as used in banking world ?
(A) Keep Your Credibility
(B) Know Your Credibility
(C) Know Your Clients
(D) Keep Your Customer
(E) Know Your Customer
Ans : (E)

46. Which of the following is the name of a bank having offices and branches in India ?
(A) Kotak Mahindra
(B) NCL
(C) Wipro
(D) DLF
(E) GAIL
Ans : (A)

47. Which of the following is a software and allied services company functioning in India ?
(A) NTPC
(B) SAIL
(C) AXIS
(D) Infosys
(E) Ambuja
Ans : (D)

48. What is full form of ‘NGO’ a term we listen very often these days ?
(A) National Growth and Opportunities
(B) Non-Governmental Organisation
(C) New Growth & Organisation
(D) Not Growing Organisation
(E) Net Growing Options
Ans : (B)

49. Nirupama Rao is appointed new Ambassador of India to—
(A) Germany
(B) France
(C) Russia
(D) USA
(E) China
Ans : (D)

50. Financial Inclusion does not include which of the following ?
(A) Having a bank account
(B) Micro credit during emergency
(C) Free registration of business enterprises
(D) Access to all kinds of commercial/personal loans
(E) Access to credit/debit cards
Ans : (C)

Review of the Economy 2011/12

Review of the Economy 2011/12

Reserve Bank of India Grade ‘B’ Officers Exam Paper

General Awareness
(Exam Held on 6-2-2011)

1. What role do Micro, Small and Medium Enterprises (MSMEs) play in a country’s economic and industrial development ?
1. They have the capacity to absorb skilled and unskilled labour available in the country.
2. Such institutions help in distribution of income in a wide spectrum and do not allow it to get concentrated in few hands or in few areas.
3. They help in eradication of poverty by providing selfemployment opportunities.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Only 1 and 3
(E) All 1, 2 and 3
Ans : (E)

2. Which of the following statements about the Indian Economy is correct ?
(A) Indian economy is as developed as that of China
(B) About 70% Indians are involved in some type of selfemployment and are the owners of some or the other micro or small enterprise
(C) In India single biggest employment is agriculture and allied activities
(D) About 48% Indian workforce is employed in foreign countries or in organizations assisted by foreign capital
(E) None of these
Ans : (C)

3. Which of the following is/are correct about the problems of Indian Agriculture ?
1. Large agricultural subsidies are hampering productivity—enhancing investments.
2. Irrigation infrastructure is in bad shape and needs immediate improvement.
3. Frequent takeovers of fertile land by private companies and multinationals to launch big business complexes.
(A) Only 1
(B) Only 1 and 2
(C) Only 1 and 3
(D) All 1, 2 and 3
(E) None of these
Ans : (D)


4. As per news in various journals, many banks have failed to achieve agri-loan target fixed by the RBI for the year 2010-11. What was the target fixed for the year ?
(A) 10%
(B) 15%
(C) 18%
(D) 24%
(E) 30%
Ans : (C)

5. Which of the following statements about Agro and Allied activities is not correct ?
(A) Farmers do not get adequate credit for purchase of cattle
(B) There is a need to improve breed and genetic characteristics of the cattle folk
(C) India has huge forest cover and also degraded and marshy land which can be used for productive purposes
(D) India is the 10th largest producer of medicinal and aromatic plants. But the products are not of commercial value
(E) Animal husbandry plays an important role in providing sustainability under Rain fed conditions
Ans : (C)

6. Which of the following schemes launched by the Govt. of India aims at enhancing the livelihood security of the people in rural areas by guaranteeing hundred days of employment in a financial year to a rural household whose adult members volunteer to do unskilled manual work ?
(A) TRYSEM
(B) Pradhan Mantri Gram Sadak Yojana
(C) Kutir Jyoti Scheme
(D) ASHA
(E) MGNREGA
Ans : (E)

7. In some parts of India, farmers face acute distress because of heavy burden of debt from noninstitutional lenders. Who can be called a non-institutional lender ?
(A) Small Banks
(B) Grameen Banks
(C) Credit Cooperative Societies
(D) Micro Finance Institutions
(E) Money Lenders
Ans : (E)

8. The South Asian Free Trade Agreement (SAFTA) was introduced with a view of levying how much custom duty for trading any product within the SAARC zone ?
(A) 5%
(B) 4%
(C) 2%
(D) 1%
(E) No custom duty
Ans : (E)

9. Which of the following organisation prepares rural credit plans on annual basis for all districts in India, which in turn from the base for annual credit plans of all rural financial institutions ?
(A) SIDBI
(B) NABARD
(C) RBI
(D) Indian Bank’s Association
(E) CII
Ans : (B)

10. Which of the following is TRUE about the current population trend(s) in India ?
1. Every year India adds more people to the world’s population than any other country.
2. Currently India has a young population which will grow somewhat older largely as a result of decline in fertility.
3. The National Family Planning Programme did not contribute much in controlling fertility rate
(A) Only 1
(B) Only 2
(C) Only 3
(D) Only 1 and 2
(E) All 1, 2 and 3
Ans : (D)

11. In economic terms, which of the following factors determine the ‘Individual’s demand’ of a product/commodity ?
1. Price of a commodity.
2. Income of the individual.
3. Utility and quality of a commodity.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Only 1 and 3
(E) All 1, 2 and 3
Ans : (E)

12. Which of the following terms is used in the field of economics ?
(A) Adiabatic
(B) Bohr Theory
(C) Plasma
(D) Barter System
(E) Viscosity
Ans : (D)

13. “Pascal Lamy calls on trade negotiators to move out of their comfort zones towards agreements”, was the headline in some major newspapers. This news is associated with which of the following organizations/agencies ?
(A) World Trade Organization
(B) International Monetary Fund
(C) World Bank
(D) United Nations Organisations
(E) North Atlantic Treaty Organisation
Ans : (A)

14. Which of the following is not a function of the Planning Commission of India ?
(A) Assessment of the material, capital and human resources of the country
(B) Formulation of plans for the most effective and balanced utilization of country’s resources
(C) Public cooperation in national development
(D) Preparation of annual budget of the country and collection of taxes to raise capital for the implementation of the plans
(E) Determination of stages in which the plan should be carried out
Ans : (D)

15. Which of the following periods represents the period of the first Five Year Plan in India ?
(A) 1948 – 53
(B) 1947 – 52
(C) 1952 – 57
(D) 1950 – 55
(E) 1951 – 56
Ans : (E)

16. Which of the following is the name of the process available to common people to seek court’s intervention in matters of public interest ?
(A) Public Interest Litigation (PIL)
(B) Habeas Corpus
(C) Ordinance
(D) Residuary power
(E) None of these
Ans : (A)

17. India’s foreign policy is based on several principles, one of which is—
(A) Panchsheel
(B) Satyamev Jayate
(C) Live and Let Live
(D) Vasudhaiv Kutumbkam
(E) None of these
Ans : (A)

18. As we know thousands of tonnes of foodgrain was washed away in the floods in Haryana and Punjab a few months back. This incident is an example which indicates that there is a scope for improvement in our machinery controlling our—
(A) Mid Day Meal Scheme
(B) Public Distribution System
(C) Food for Work Programme
(D) Village Grain Bank Scheme
(E) Operation Flood Scheme
Ans : (B)

19. President Barack Obama was on a visit to India a few months back. His visit is said to have forged both the nations into a new era of relations. India managed to sign a special agreement with US in which of the following fields/areas as a byproduct of the visit of Obama ?
1. Energy sector and Nuclear energy as US has lifted sanctions on supply of high tech machines.
2. Skill Development Programmes in IT sector in which US has super-specialisation.
3. Training in management of Micro finance Institutions.
(A) Only 1
(B) Only 2
(C) Only 1 and 3
(D) Only 2 and 3
(E) Only 1 and 2
Ans : (A)

20. Many times we read a term ‘Tax Haven’ in various newspapers. What does it mean ?
1. It is a country where certain taxes are levied at a very low rate.
2. It is a country where people can dump their illegal money without any problem.
3. It is a place where foreigners can work without paying any tax on their income.
(A) Only 1 and 2
(B) Only 2
(C) Only 2 and 3
(D) Only 1
(E) All 1, 2 and 3
Ans : (E)

21. As per existing law, what is the minimum per day wages paid to a worker from unorganised sector in India ?
(A) 50
(B) 75
(C) 100
(D) 125
(E) No such law is there
Ans : (C)

22. Who amongst the following was awarded the “Indira Gandhi Peace Prize” for 2010 ?
(A) Ronald Noble
(B) Luiz Inacio Lula D’Silva
(C) Mohammed Elbaradei
(D) Aung San Su Kyi
(E) None of these
Ans : (B)

23. Which of the following is not a Poverty Eradication Programme launched by the Govt. of India ?
(A) Swarnjayanti Gram Swarozgar Yojana
(B) Jawahar Gram Samridhi Yojana
(C) National Social Assistance Programme
(D) ADHAR
(E) National Family Benefit Scheme
Ans : (D)

24. According to the World Bank estimate about 40% Indians are living below International Poverty line of US $ —
(A) 1 per day
(B) 1•25 per day
(C) 2 per day
(D) 2•5 per day
(E) 3 per day
Ans : (B)

25. The 10th Trilateral Ministerial Meeting of RIC group was organized in November 2010. Who are the members of the RIC ?
(A) Russia—Iran—China
(B) Russia—India—China
(C) Romania—Iran—Canada
(D) Romania—Israel—Chile
(E) Russia—India—Croatia
Ans : (B)

26. India and Syria recently decided to double their trade in next 2 years. Indian Govt. has decided to export which of the following commodities to Syria ?
(A) Natural gas
(B) Milk
(C) Oil
(D) Wheat
(E) All of these
Ans : (E)

27. India has sanctioned a 26 million grant to which of the following countries for development of tube wells ?
(A) Myanmar
(B) Bangladesh
(C) Nepal
(D) Pakistan
(E) Sri Lanka
Ans : (C)

28. Which of the following is the name of the scheme launched by the Govt. of India for adolescent girls ? (Launched in November 2010)
(A) Swawlamban
(B) SABALA
(C) Aadhar
(D) ASHA
(E) None of these
Ans : (B)

29. Many times we see in financial journals/bulletins a term M3. What is M3 ?
(A) Currency in circulation on a particular day
(B) Total value of the foreign exchange on a particular day
(C) Total value of export credit on a given date
(D) Total value of the tax collected in a year
(E) None of these
Ans : (E)

30. As per news in various newspapers, Govt. has allocated a huge sum of 31,000 crore for ‘RTE’. What is full form of RTE ?
(A) Right of Education
(B) Reforms in Technical Education
(C) Return to Empowerment
(D) Right to Empowerment
(E) Renewable Technology for Energy
Ans : (A)

31. Which of the following is not a major function of the RBI in India ?
(A) Issuance of currency notes
(B) To facilitate external trade and payment and developing a foreign exchange market in India
(C) Maintaining price stability and ensuring adequate flow of credit to productive sectors
(D) Taking loans/credit from World Bank/IMF and ADB etc., and reallocating it for various activities decided by the Govt. of India
(E) Formulation and monitoring the monetary and credit policy
Ans : (C)

32. The RBI has regional offices at various places. At which of the following places it does not have an office ?
(A) Kota
(B) Shimla
(C) Lucknow
(D) Panaji
(E) Guwahati
Ans : (C)

33. Which of the following organizations/agencies has given a US $ 407 billion loan to India to boost up its micro finance services in unbanked areas ?
(A) IMF
(B) World Bank
(C) Bank of Japan
(D) ADB
(E) Jointly by IMF and ADB
Ans : (B)

34. The Prime Minister’s Economic Advisory Council (PMEAC) has projected that the Indian Exports will grow by what percentage during 2010-11 ?
(A) 15%
(B) 18%
(C) 22%
(D) 24%
(E) 28%
Ans : (B)

35. Which of the following organisations/agencies has given the estimate that the India will be third largest FDI recipient in 2010–12 ?
(A) UNCTAD
(B) WTO
(C) World Bank
(D) IMF
(E) None of these
Ans : (A)

36. The performance of which of the following industries is considered performance of a core industry ?
(A) Garments
(B) Leather
(C) IT
(D) Oil and Petroleum
(E) Handicrafts
Ans : (D)

37. Who amongst the following is not a recipient of Nobel Prize in economics ?
(A) Peter A. Diamond
(B) Dale T. Mortensen
(C) Amartya Sen
(D) Paul Krugman
(E) Robert G. Edwards
Ans : (E)

38. Basel Committee has given its recommendations on which of the following aspects of banking operations ?
(A) Marketing of bank products
(B) Priority sector lending
(C) Risk Management
(D) Micro financing
(E) All of these
Ans : (C)

39. Which of the following is the rank of India in Human Development Report 2010 prepared by the UNO ?
(A) 99
(B) 100
(C) 115
(D) 119
(E) None of these
Ans : (D)

40. Which of the following was/where the key objectives of the RBI’s review of Monetary and Credit Policy 2010-11 which was reviewed again on 2nd November 2010 ?
1. To sustain the anti inflationary thrust.
2. To maintain an interest rate regime consistent with price.
3. To provide extra tax incentives to exporters who were in stress due to market fluctuations.
(A) Only 1
(B) Only 2
(C) Only 1 and 2
(D) All 1, 2 and 3
(E) None of these
Ans : (A)

41. PIIGS is the group of nations falling under—
(A) Euro zone
(B) Asia Pacific
(C) SAARC
(D) NATO
(E) Commonwealth
Ans : (A)

42. Which of the following is/are the preconditions, the IMF has put to provide bail out package to Ireland ?
1. It should gradually lower down unemployment benefits.
2. It should bring down the minimum wages in order to boost employment.
3. It should import some of the crucial commodities from non euro countries as an immediate measure to improve shortage of the same.
(A) Only 1 and 2
(B) Only 2 and 3
(C) Only 1 and 3
(D) Only 1
(E) All 1, 2 and 3
Ans : (B)

43. India is self-sufficient in production of which of the following commodities ?
(A) Edible oil
(B) Milk
(C) Pulses
(D) Natural gas
(E) All of these
Ans : (B)

44. Which of the following is used as a fuel in Nuclear power stations in India ?
(A) Thorium
(B) Copper
(C) Tin
(D) Chromium
(E) All of these
Ans : (A)

45. Which of the following States has taken up the job of improving Dams with the help of the World Bank’s Dam Rehabilitation and Improvement project ?
(A) Kerala
(B) Gujarat
(C) Tamil Nadu
(D) Uttar Pradesh
(E) Guwahati
Ans : (A)

46. Nitish Kumar led National Democratic Alliance won how many seats in recently held assembly elections in Bihar ?
(A) 150
(B) 243
(C) 200
(D) 206
(E) None of these
Ans : (D)

47. Who amongst the following is the author of the book “Development as Freedom” ?
(A) M. S. Swaminathan
(B) C. Rangarajan
(C) Manmohan Singh
(D) Y. V. Reddy
(E) Amartya Sen
Ans : (E)

48. Which of the following terms is used in Finance and Banking ?
(A) Line of Sight
(B) Scattering loss
(C) Revenue
(D) Oscillation
(E) Shielding
Ans : (A)

49. Who amongst the following is a famous economist ?
(A) Richard Dawkins
(B) Alan Greenspan
(C) Vernon Heywood
(D) Olivar Sachs
(E) Stephan Hawking
Ans : (B)

50. Who amongst the following has never held post of the Governor of the RBI ?
(A) C. Rangarajan
(B) L. K. Jha
(C) Manmohan Singh
(D) Bimal Jalan
(E) Usha Thorat
Ans : (E)

Cent Vayushakti by Central Bank of India

In a ceremony organised at Air HQ on 15th February, 2012 Central Bank of India, the third largest public sector bank having network of nearly 4000 branches pan India has launched a special scheme CENT VAYUSHAKTI for promoting a defence salary package. The scheme is envisaged to provide high end range of banking facilities to the serving and retired Air Force personnel across the country. The scheme was launched by Air Marshal JN Burma, Air Officer-in-Charge Administration at Vayu Bhavan. AVM (Retd) Ratan Bir Kalra, Defence Banking Advisor was present during the ceremony. On this occasion, Air Marshal JN Burma appreciated the efforts of the Bank in designing a Air Force personnel friendly scheme and expected that the serving as well as retired personnel will be benefited with this scheme. Shri MV Tanksale, Chairman & Managing Director of the Bank praising the commendable services of Air Warriors in defending the Indian borders informed that access to account from anywhere, unique lifelong account number, Zero balance account with Zero maintenance charges, free ATM cards with two additional cards – one each for spouse and dependent parent, free NEFT/RTGs facility with free internet/Tele banking and mobile banking facilities are some of the salient features of this Salary package specially designed for Indian Air Force. Bank offers special rates for Housing loans of Air Force Group Housing at the time of retirement of Air Force Personnel. Shri Ratnakar, General Manager Delhi Zone informed that bank has already launched similar package for Navy personnel.