General Awareness (Anytime) 22 July 2015

Submitting banking general knowledge which will be helpful for every examination including banking under category ANYTIME
1. From MUDRA Bank you will get loan for 50,000 rupees under SHISHU category and loan of rupee 5 lacs under KISHORE category.

2. State Bank Of India or SBI Bank has become the first bank of India to launch it's own homegrown Economic Index.

3. What is the maximum deposit amount insured by the DICGC (Deposit Insurance and Credit Guarantee Corporation)?

Ans. The maximum deposit amount insured by the DICGC (Deposit Insurance and Credit Guarantee Corporation) is Rupees one lakh (1 Lakh).

Well, but what is DICGC?

Ans. Deposit Insurance and Credit Guarantee Corporation ( DICGC) is a subsidiary of Reserve Bank of India . It was established on July 15, 1978 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000 of each deposits in a bank.

The Unique Identification Authority of India (UIDAI) is a central government agency of India . It is attached to the erstwhile Planning Commission of India , now NITI Aayog. Its objective is to collect the biometric and demographic data of residents, store them in a centralised database, and issue a 12-digit unique identify number called Aadhaar to each resident. It is considered the world's largest national identification number project.

Under which section AADHAAR information is protected?

Ans. Aadhaar information is protected under 8(I) (J) of RTI Act, 2005.

As per section 8(I) (J) of RTI Act, 2005 and in view of the confidential nature of demographic and biometric data (personal data of resident) only the resident to whom the data relates can seek the information. No other applicant can seek this information. No other applicant will be provided with any personal information related to a third party or any other resident to protect privacy and maintain confidentiality of residents enrolled under Aadhaar programme. Applicant may also be required to provide additional validation of identity in certain cases.

Under which article or section of constitution does AADHAAR Card is valid or comes?
Ans. According to officials, the government will state that Aadhaar issued by the UIDAI is legal and valid under Article 77 of the Constitution that validates an executive action of the government, taken in the name of the President.

5. Priority Sector Loan
The Reserve Bank of India (RBI) has revamped priority sector lending (PSL) norms. Now, loans to sectors such as social infrastructure, renewable energy and medium enterprises will also be treated as PSL.

6. ICICI Bank has become the first and only bank in India to use voice as password by using technology of voice recognisation.

NITI Aayog (Hindi: नीति आयोग, lit. "Policy Commission") or National Institution for Transforming India Aayog is a policy think-tank of
Government of India that replaces Planning Commission and aims to involve the states in economic policy-making in India . It will be providing strategic and technical advice to the central and the state governments i.e. by adopting bottom-up approach rather than traditional top-down approach as in planning commission.
The Prime Minister heads the Aayog as its chairperson. While the Planning Commission had no representation for State and Union territories, the NITI Aayog has.

Union Government of India had announced formation of NITI Aayog on 1 January 2015. The first meeting of NITI Aayog was held on 8 February 2015 Arvind Panagariya (Hindi: अरविंद पानगड़िया) is the Vice Chairman of Niti Aayog of India. He is an Indian-American economist and Professor of Economics at Columbia University and an ex-Chief Economist at the Asian Development Bank. He also worked for World Bank.

8. What does Micro Credit not have?
Ans. Collateral
Microcredit is the extension of very small loans (microloans ) to impoverished borrowers who typically lack collateral , steady employment and a verifiable credit history. It is designed not only to support entrepreneurship and alleviate poverty, but also in many cases to empower women and uplift entire communities by extension.

What is collateral?

In lending agreements , collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan. The collateral serves as protection for a lender against a borrower's default—that is, it can be used to offset the loan to any borrower failing to pay the principal and interest under the terms of a loan obligation.

9. Which is the first private bank in India to receive an in-principle approval from RBI?
Ans. HDFC  is the first private sector bank to receive in-principle approval from RBI