Date : : 31th August 2012 Very Important News of the Day :

Date ::
31th August 2012 Very Important News of the Day ::
( 1 ) Government expects to award 4,000km road projects under engineering, procurement and construction (EPC) by 2017.
( 2 ) Kim Clijster of Belgium says final goodbye to Tennis.
( 3 ) Jet fuel price hiked by 7.6 per cent the biggest ever increase that took ATF price to all-time high of Rs 72,282 per kilolitre.
( 4 ) India's GDP growth falls to 5.5% which is lowest in three years in the quarter April-June .
( 5 )Agriculture growth slows to 2.9% in the first quarter of the current fiscal.
( 6 ) India puts up Rs 20,000 crore to lure global electronics makers leaves China out.
( 7 ) Supreme Court orders Fiat India to cough up Rs 400 crore as excise duty.
( 8 ) The Department of Pharmaceuticals in the Ministry of Chemicals and Fertilisers is planning to launch a SMS service providing information about affordable alternatives to medicines prescribed by doctors.
( 9 ) Russia plans two space laboratories by 2016.
( 10 ) Barcelona midfielder Andres Iniesta won the UEFA Best Player in Europe award for the 2011-2012.
( 11 ) Real Madrid claimed their first Spanish Super Cup since 2008 after beating Barcelona.

Important Days In September Of India and World's

Important Days In September Of  India and World's
1st September   

    Ladakh Festival
    MuslimFest - Toronto
    Installation anniversary of Guru Granth Sahibji
    Manarcad Perunnal
    Amongmong Festival
    Solung Festival
    Nuakhai
    National Nutrition Week


2nd September   

    Aranmula Vallamkali
    World Coconut Day
    Hamir Utsav


4th September   

    British Science Festival
    World Chocolate Day


5th September   

   Teacher's Day ( India )
   Sanskrit Day ( India )
   International Day of Charity


6th September   

    Phulaich Fair


7th September   

    Festival Western de Saint-Tite


8th September   

    International Literacy Day [UNESCO]
    World First Aid Day


9th September   

    Kendal Torchlight Carnival
    Mim Kut


10th September   

   World Suicide Prevention Day [WHO]


11th September   

    Kshamavani Parva


12th September   

    Dusseldorf Festival
    Phang Lhabsol


14th September   

    Hindi Divas ( India )


15th September   

    Abergavenny Food Festival
    International Day of Democracy
    Engineers' Day
    Bera Utsav
    Sanchayika Day
    Neelamperoor Pooram Padayani


16th September   

    Baba Sodal Mela
    Sair Fair
    Internationl Day for preservation of Ozone Layer
    Vallarpadam Perunnal
    Navakhana


17th September   

    Vishwakarma Puja


18th September   

    Jackson County Apple Festival


19th September   

    Paryushana
    Ottawa International Animation Festival
    Ganesh Chaturthi
    International Talk Like a Pirate Day
    Tarnetar Mela


21st September   

    International Day of Peace
    Monterey Jazz Festival
    Winnipeg International Writers Festival
    World Alzheimer's Day
    San Sebastian International Film Festival


22nd September   

    World Car Free Day
    Girl Child Week - India


23rd September   

    World Deaf Day


24th September   

    Festes de La Mercè
    International Child Girl Day
    Durham Children's Groundwater Festival


26th September   

    Raindance Film Festival
    World Contraceptive Day
    Heikru Hitongba
    European Day of Languages
    CSIR Foundation Day


27th September   

    Sound Summit - Australia
    World Maritime Day
    MOJA Arts Festival
    World Tourism Day


28th September   

    World Rabies Day
    World Heart Day
    Shirdi Sai Baba Birthday
    Gunners Day - India


29th September   

    Malvern Autumn Show
    Chappar Mela
    Anant Chaturthi


30th September   

    Basdoda Fair
    Moon Festival
    Pitr Paksha
    Tsukimi Festival (moon viewing festival)
    Bhadrapada Ambaji Fair
    International Translation Day

Date : : 30th August 2012 Very Important News of the Day :

Date ::
30th August 2012 Very Important News of the Day ::
( 1 ) High Speed Rail Corporation of India (HSRC) is all set to execute India's first bullet train project between Mumbai and Ahmedabad.
( 2 ) Aditi Mukherji, a senior researcher with the International Water Management Institute (IWMI) in New Delhi, has won the first Norman Borlaug Award for Field Research and Application, endowed by the Rockefeller Foundation.
( 3 ) Issuers from BRIC countries – Brazil, Russia, India and China – have raised a total USD 374.5 billion through debt securities so far this year, registering a rise of 40 per cent from the year ago period.
( 4 ) 42% of respondents preferred Narendra Modi as PM according to a Survey .
( 5 ) Govt withdraws ban on bulk SMSes and MMSes.
( 6 ) Hashim Amla of South Africa became the fastest player to reach 3000 ODI runs.

Top 10 country with Highest Suicide Rates in the World's ::

Top 10 country with Highest Suicide Rates in the World ::

(Sl.No.)(Country )( Annual suicide rate per 100,000)
1.-Lithuania--42.0
2.-Russia--37.4
3.-Belarus--35.0
4.-Latvia--34.3
5.-Estonia--33.2
6.-Hungary--32.1
7.-Slovenia--30.9
8.-Ukraine--29.4
9.-Kazakhstan--28.7
10.-Finland--24.3
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Date : : 29th August 2012 Very Important News of the Day :

Date ::
29th August 2012 Very Important News of the Day ::
( 1 ) The Nashik Municipal Corporation (NMC) has given approval to spend Rs 2,505 crore for carrying out infrastructure projects for Nashik Kumbh Mela to be held here in 2015-2016.
( 2 ) Rs 2 crore four-bedroom flats for Rajya Sabha MPs whose foundation stone was today laid by Vice-President Mohammad Hamid Ansari on a 0.6 acre land on Talkatora Road.
( 3 ) Madhya Pradesh government decides to give Rs 1 crore each to Olympic silver medalists Sushil Kumar and Vijay Kumar .
( 4 ) England test captain Andrew Strauss retires from all form of Cricket.
( 5 ) IBM introduces new powerful zEnterprise EC12 mainframe server running at 5.5 GHz and is 25 per cent faster than the previous model.
( 6 ) Indian Army buying 20 mini unmanned aerial vehicles (UAVs) for Kashmir.
( 7 ) Government plans to release 60 lakh tonne wheat this fiscal .
( 8 ) Supreme Court upholds Kasab's death penalty.
( 9 ) Total ban on employing children under the age of 14.
( 10 ) Cairn-ONGC joint venture contributes more than 20% to India's crude oil production, 25 discoveries in Rajasthan to date, producing 1,75,000 barrels of oil per day, reduced oil imports by Rs 45,000 crores.

Important Days In August Of India and World's

Important Days In August Of  India and World's ::
1st August ::
Australian Science Festival
World Breastfeeding Week
Tsüngrem Mong

2nd August ::
Raksha Bandhan
Balaram Jayanti
Aadi Perukku
Gamha Purnima

4th August ::
Cardiff MAS Carnival
Metumniu
Kajli Teej Festival
Leicester Caribbean Carnival

5th August ::

International Forgiveness Day
Drupka Teshi
Diocese of Cleveland Family Festival
Folklorama Festival
International Friendship Day

6th August ::

Hiroshima Day

7th August ::

Great British Beer Festival

8th August ::

Tendong Lho Rum Faat
Metemneo Festival
World Cat Day

9th August ::

Edinburgh International Festival
Nagasaki Peace Day
International day of Solidarity with the struggle of Women in South Africa and Namibia
International Day of the World's Indigenous People
Kranti Divas

10th August ::

Midwest Reggae Festival
Quit India Movement Day
Balham and Tooting Carnival
Janmashtami
Gäubodenvolksfest

11th August ::

Gugnaumi
Edinburgh International Book Festival
Caribbean Carnival of Manchester
Ryde Carnival

12th August ::

International Youth Day

13th August ::

International Lefthanders Day
Victory over Japan Day

14th August ::

Pakistan's Independence Day

15th August ::

Gwangbokjeol
Indian Independence Day
Weymouth Carnival

17th August ::

Chinese Ghost Festival
Pori Folk Festival
Birmingham International Carnival

18th August ::

Rongchu Gala
Carnaval del Pueblo
Nottingham Caribbean Carnival
V Festival

19th August ::

World Photography Day
Devizes Carnival
Parsi New Year

20th August ::

Eid-ul-Fitr ( according to moon )
World Mosquito Day
Sadhbhavana Divas
Kandali Festival

21st August ::

Ninoy Aquino Day

23rd August ::

Bhaderwah Mela
Montreal World Film Festival
Seoul International Youth Film Festival

26th August ::

Women's Equality Day
National GoTopless Protest day

27th August ::

Burning Man Festival
Leeds West Indian Carnival
Khudurukuni Osha
Araw ng mga Bayani

29th August ::

Onam
National Sports Day of India
Telugu Language Day
Venice Film Festival
La Tomatina

31st August ::

Trung Nguyen Festival
North Carolina Apple Festival

Date : : 28th August 2012 Very Important News of the Day :

Date ::
28th August 2012 Very Important News of the Day ::
( 1 ) Two day Non-Aligned Movement ( NAM ) Ministerial Conference began in Tehran.
( 2 ) Tamil Nadu to give Rs 10 lakh each to 31 villages where efforts would be made to eradicate untouchability.
( 3 ) Retirement age for HC judges to be 65 years.
( 4 ) New Zealand's Lydia Ko became the youngest champion in the history of the LPGA Tour (golf),she aged just 15.
( 5 ) HDFC Bank launches the One Family, One Bank, Zero Balance account for NRIs in Kerala
( 6 ) Cooling products maker Fedders Lloyd Corporation (FLC) bags $ 18.58 million (about Rs 103 crore) contract in Nigeria for transmission sub-stations under a World Bank funded project.
( 7 ) Exports from special economic zones ( SEZ ) to touch Rs 4 lakh crore for current financial year 2012-13.
( 8 ) Bharti Airtel ties up with Microsoft to sell Office 365 to SMEs via cloud computing.
( 9 ) IT firm Wipro join hands with Google to offer cloud computing solutions.
( 10 ) GDP for Q1 expected at 5.3% which is deepest slump for nine years.
( 11 ) Pak N-scientist A Q Khan floats his own political party "tehrik-e-Tahaffuz pakistan".

The Top 10 Richest Countries in the World

The Top 10 Richest Countries in the World's : :

( S. No.) ( Country ( GDP)
( 1 ) ( United States ) ( $14,660,000,000,000 )
( 2 ) ( China ) ( $10,090,000,000,000 )

( 3 ) ( Japan ) ( $4,310,000,000,000 )
( 4 ) ( India ) ( $4,060,000,000,000 )
( 5 ) ( Germany ) ( $2,940,000,000,000 )
( 6 ) ( Russia ) ( $2,223,000,000,000 )
( 7 ) ( United Kingdom ) ( $2,173,000,000,000 )
( 8 ) ( Brazil ) ( $2,172,000,000,000 )
( 9 ) ( France ) ( $2,145,000,000,000 )
( 10 ) ( Italy ) ( $1,774,000,000,000 )
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The Top 10 Poorest Countries in the World's : :

The Top 10 Poorest Countries in the World's : :
( Sl.No.) ( Country)--- ( GDP per capita)
(1.) Burundi -- $300
(2.) Congo, Democratic Republic of the-- $300
(3.) Liberia --- $500
(4.) Zimbabwe -- $500
(5.) Eritrea -- $600
(6.) Somalia -- $600
(7.) Central African Republic-- $700
(8.) Niger -- $700
(9.) Malawi -- $800
(10.) Afghanistan-- $900
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Date : : 27th August 2012 Very Important News of the Day :

Date ::
27th August 2012 Very Important News of the Day ::
( 1 ) Sebi announces no-frills demat accounts for retail individual investors with no charges for holdings worth up to Rs 50,000
( 2 ) All MLAs of Indian national lok dal (INLD) suspended from Haryana Assembly .
( 3 ) The Information and Broadcasting ministry today said that the Broadcast Audience Research Council (BARC) was soon going to

appoint a Technical Committee to proceed with the task of putting a TRP measurement mechanism in place.
( 4 ) Government has begun process of cancellation of coal mines to private firms.
( 5 ) Samsung loses (Rs 63,000 crore) market value after Apple’s victory this is the South Korean giant’s biggest share fall in four years.
( 6 ) Foreign direct investment (FDI) in India plunged by over 78 per cent in June, the third straight monthly fall, to Rs. 4,999 Crores, from 28,320 crore in the year-ago period, reflecting the impact of slowing global economy.
( 7 ) Sebi plans to allow ATM, card payments for IPOs.
( 8 ) (Rs 3,180 crore) Yuxi-Mengzi rail line, linking Kunming in southwest China to Singapore in southeast Asia, posing a threat to Indian exporters competing for market space with China.
( 9 ) RBI has widened its probe into the affairs of British banking giants HSBC and Standard Chartered to other foreign banks for alleged breach of controls against money laundering and terror financing.

Date : : 26th August 2012 Very Important News of the Day :

Date ::
26th August 2012 Very Important News of the Day ::

( 1 ) U-19 WC final: India defeat Australia by 6 wickets .
( 2 ) BCCI announces Rs. 20 lakh cash prize for U-19 winning squad.
( 3 ) First man on moon Neil Armstrong dead at the age of 82.
( 4 ) India defeat New Zealand by an innings and 115 runs in Hyderabad Test .
( 5 ) LIC buys $2-bn worth shares in Indian companies in April-June according to BofA-Merrill Lynch report.
( 6 ) 60% Indian companies struggling to protect corporate data according to a Survey.
( 7 ) TCS topped the list of top-10 companies in terms of market cap, followed by RIL, ONGC, CIL, ITC, HDFC Bank, Infosys, NTPC, SBI and HUL out of which top eight companies add Rs 35,841 crore in m-cap.
( 8 ) 6,500cr project to arm Sukhoi-30 MKI with BrahMos.

Date : : 25th August 2012 Very Important News of the Day :

Date ::
25th August 2012 Very Important News of the Day ::

( 1 ) Apple wins $1 billion case against South Korean giant Samsung.
( 2 ) India test-fired its ingenuously developed nuclear-capable Prithvi-II' ballistic missile from the Integrated Test Range off Odisha coast.
( 3 ) China develops new generation Dongfeng-41 ICBMs and Submarine missiles increasing its ability to reach US.
( 4 ) A huge explosion in Venezuela’s biggest oil refinery killed at least 19 people and injured more than 50 others in the deadliest disaster in memory for the country’s key oil industry.
( 5 ) The International Cricket Council (ICC) here Saturday confirmed the squads of the 12 participating teams for the ICC World Twenty20 with countries like Ireland and Afghanistan ,which gets underway in Sri Lanka 18 September 2012.
( 6 ) agricultural loans had been on the rise under the UPA regime and the target for this fiscal has been fixed at Rs 5.75 lakh crore, an increase of Rs 1,00,000 crore over the previous year.
( 7 ) Over two crore vacancies to be filled in government organisations ranging from the bank sector to the CBI, Minister of State for Personnel, Public Grievances and Pensions, V Narayanasamy,said today.
( 8 ) Gold loan cos cut rates by 300 bps on new norms from 27% to 24%.
( 9 ) Sebi bars companies trusts from buying own shares.
( 10 ) American cyclist Lance Armstrong,a legendary champion ,he was stripped of his record seven Tour de France titles and slapped with a lifetime ban from competition by the US Anti-Doping Agency.

Date : : 24th August 2012 Very Important News of the Day :

Date ::
24th August 2012 Very Important News of the Day ::

( 1 ) AC double-decker train for Jaipur flagged off and will run between Delhi's Sarai Rohilla and Jaipur as ticket will cost Rs 347.
( 2 ) Government takes charge at IFCI (Industrial Finance Corporation of India ) by acquiring over 55% stake.
( 3 ) Delhi Metro launches online 'lost and found' service websites are www.delhimetrorail.com

and www.cisf.nic.in .
( 4 ) Domestic rating agency Icra today revised down its GDP growth estimate to 5.7 percent for India.
( 5 ) RBI to test plastic notes in 5 cities viz. Jaipur, Shimla, Bhubaneswar, Mysore and Cochin, aiming to save cost on printing and ensuring a longer life of notes.
( 6 ) National Payments Corporation of India (NCPI) cuts debit card charges on its RuPay card.
( 7 ) Over 120 lakh railway tickets purchased through IRCTC website from April last year to June remained unbooked despite making of payments due to network failure and entry of wrong password by passengers.
( 8 ) Companies will not be able to access the capital market for at least one year if their IPO documents are rejected by market regulator Sebi, while managers of such public issues would also face penal action.
( 9 ) Adi Godrej, President of the Confederation of Indian Industry (CII) calls for transparency in governance to return to high GDP rates of growth.
( 10 ) In New York City several people have been shot outside the Empire State Building and that the gunman is dead along with two civilians.
( 11 ) Samsung Galaxy Note 800 launched in India at Rs 39,990 .

Date : : 23th August 2012 Very Important News of the Day :

Date ::
23th August 2012 Very Important News of the Day ::

( 1 ) Government increases SMS limit from 5 to 20 with immediate effect.
( 2 ) Government clears 10 FDI proposals worth Rs 1,260 crore.
( 3 ) India has approved Walt Disney's plans to invest Rs 10 billion ($180.3 million) in the country as FDI proposals. .
( 4 ) Rs 750 cr lying in inactive post office saving A/Cs according to Government.
( 5 ) Construction of country's biggest mall in Gurgaon to be completed by 2016 by DLF.
( 6 ) India's organic food market growing 20% .
( 7 ) Over 1.4 lakh companies dormant in India government told in Lok Sabha.
( 8 ) India Inc hails allowing FDI from Pakistan.
( 9 ) About 16 per cent of subsidised diesel sold in India is consumed by cars and SUVs, prompting Oil Ministry to propose levy of additional excise duty on diesel cars, the Lok Sabha was informed today.
( 10 ) Adani's SEZ under govt scanner, cancellation threat looms over 1,840-hectare zone for violation of norms.
( 11 ) SEZ- Special Economic Zone.
( 12 ) Overseas borrowing norms eased, now companies can borrow up to 75% of the forex earnings of last 3yrs against 50% earlier.

Bank Interview Questions for Clerk and PO Post In Bank .

Bank Interview Questions for Clerk and PO Post In Bank.
Why do you want to enter banking?
 > You need to talk about Banking – what the interviewer seeks for is a person who is flexible [More...] to be along with the given timings, someone who can cope up with writing bits and bobs or a person who can benefit them with more development .Your answer can have following bulleted points.
* Banking is a fast changing environment

* Retail banking is now very competitive – from telephone banking, retailers and etc Banking is thus now largely sales driven.

# You can even talk about IT getting changes and clearing banks offers a wide range of career opportunities for graduates – not just in branch banking but also in financial services, consultancy and corporate banking.
Have you applied to any other areas apart from banking?
Here off course your answer will hold some other finance or sales and marketing careers – insurance or accountancy, altogether these careers should have skills related to banking.
How do you feel about committing yourself to another three years of exams?
The professional examinations that you will almost certainly be required to take as part of your training are not always difficult in themselves, but do require determination and focus- especially as much of your study will be done in the evenings after a hard days work.
You should also be aware of the range of qualifications open to you – many of the large clearing banks offer the opportunity to gain qualifications in marketing, personnel or accountancy – not just banking.
Tell me about an experience in which you had to use tact?
Tact and diplomacy are important qualities in retail banking – the customer is (almost!) always right. You may have to tell an account holder diplomatically why they can’t have a loan for example, without provoking them into moving their account elsewhere.
To answer this type of question, think through everything you have done in the last five years – school, university, sports, clubs, societies, travel, vacation jobs etc. and try to think of situations where you had to demonstrate this and other qualities – do this before your interview.
If you have completed a number of employer application forms, then you should already have done this as this type of question is now common on application forms.
Who are our major competitors and what differences do you notice in our products?
The company will be expecting that you have done your research on the industry generally. You should be familiar with the bank’s products and services – literature on these can be picked up at any branch. Read the banks brochures and annual reports – these may be in the careers information room.
Be aware of current trends in the market and try to find out what each bank is doing in these areas.
What is SLR?Every bank is required to maintain at the close of business every day, a minimum proportion of their Net Demand and Time Liabilities as liquid assets in the form of cash, gold and un-encumbered approved securities. The ratio of liquid assets to demand and time liabilities is known as Statutory Liquidity Ratio (SLR). Present SLR is 24%. (reduced w.e.f. 8/11/208, from earlier 25%) RBI is empowered to increase this ratio up to 40%. An increase in SLR also restrict the bank’s leverage position to pump more money into the economy.
What is SLR ? (For Non Bankers)
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.
What are Repo rate and Reverse Repo rate?
Repo (Repurchase) rate is the rate at which the RBI lends shot-term money to the banks. When the repo rate increases borrowing from RBI becomes more expensive. Therefore, we can say that in case, RBI wants to make it more expensive for the banks to borrow money, it increases the repo rate; similarly, if it wants to make it cheaper for banks to borrow money, it reduces the repo rate
Thus, we can conclude that Repo Rate signifies the rate at which liquidity is injected in the banking system by RBI, whereas Reverse repo rate signifies the rate at which the central bank absorbs liquidity from the banks.
What is the difference between Bank Rate and Repo Rate?
Bank Rate vs Repo RateBank Rate is the rate at which RBI allows finance to commercial banks in India. There are difference types of refinance that can be availed by banks and these are linked to Bank Rate. Thus, banks can borrow at this rate only to the extent of their eligibility for refinance.
On the other hand, Repo is a money market instrument, which enables collateralised short term borrowing and lending through sale/purchase operations in debt instruments. Under a repo transaction, a holder of securities sells them to an investor with an agreement to repurchase at a predetermined date and rate. In the case of a repo, the forward clean price of the bonds is set in advance at a level which is different from the spot clean price by adjusting the difference between repo interest and coupon earned on the security. In the money market, this transaction is nothing but collateralised lending as the terms of the transaction are structured to compensate for the funds lent and the cost of the transaction is the repo rate. Thus, a bank can borrow under repo provided he has the extra securities which it can lend temporarily to RBI for borrowing short term funds.
What is relation between Inflation and Bank interest Rates?Now a days, you might have heard lot of these terms and usage on inflation and the bank interest rates. Bank interest rate depends on many other factors, out of that the major one is inflation. Whenever you see an increase on inflation, there will be an increase of interest rate also
What is a bank?A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. It is an institution for receiving, keeping, and lending money

What is the activity of Banks?Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers’ current accounts. Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and ATM.
Banks borrow money by accepting funds deposited on current account, accepting term deposits and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current account, by making installment loans, and by investing in marketable debt securities and other forms of money lending.
Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account.
Banks borrow most funds from households and non-financial businesses, and lend most funds to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings to.
What is Banking Business?“Banking Business” means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act.
What is Accounting for Bank Accounts?Bank statements are accounting records produced by banks under the various accounting standards of the world. Under GAAP and IFRS there are two kinds of accounts: debit and credit. Credit accounts are Revenue, Equity and Liabilities. Debit Accounts are Assets and Expenses. This means you credit credit accounts to increase their balances and you debit debit accounts to increase their balances.
This also means you debit your savings account every time you deposit money into it (and the account is normally in deficit) and you credit your credit card account every time you spend money from it (and the account is normally in credit).
However, if you read your bank statement, it will say the opposite- that you have credited your account when you deposit money, and you debit when you withdraw it. If you have cash in your account you have a positive or credit balance and if you are overdrawn it will say you have a negative or a deficit balance.
The reason for this is because the bank, and not you, has produced the bank statement. Your savings might be your assets, but it is the bank’s liability, so your savings account is a liability account which is a credit account and should have a positive credit balance. Your loans are your liabilities but the bank’s assets so they are debit accounts which should have a negative balance.
Below where bank transactions, balances, credits and debits are discussed, they are done so from the viewpoint of the account holder which is traditionally what most people are used to seeing.
What are the commercial roles of the Banks ?


    * However the commercial role of banks is wider than banking, and includes:
    * Issue of banknotes (promissory notes issued by a banker and payable to bearer on demand)
    * Processing of payments by way of telegraphic transfer, EFTPOS, internet banking or other means
    * Issuing bank drafts and bank cheques
    * Accepting money on term deposit
    * Lending money by way of overdraft, installment loan or otherwise
    * Providing documentary and standby letters of credit (trade finance), guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures
    * Safekeeping of documents and other items in safe deposit boxes
    * Currency exchange
    * Sale, distribution or brokerage, with or without advice, of insurance, unit trusts and similar financial products as a ‘financial supermarket’

What are the Economic functions of Banks?
The economic functions of banks include:

1. issue of money, in the form of banknotes and current accounts subject to cheque or payment at the customer’s order. These claims on banks can act as money because they are negotiable and/or repayable on demand, and hence valued at par and effectively transferable by mere delivery in the case of banknotes, or by drawing a cheque, delivering it to the payee to bank or cash.
2. netting and settlement of payments — banks act both as collection agent and paying agents for customers, and participate in inter-bank clearing and settlement systems to collect, present, be presented with, and pay payment instruments. This enables banks to economise on reserves held for settlement of payments, since inward and outward payments offset each other. It also enables payment flows between geographical areas to offset, reducing the cost of settling payments between geographical areas.
3. credit intermediation – banks borrow and lend back-to-back on their own account as middle men
4. credit quality improvement – banks lend money to ordinary commercial and personal borrowers (ordinary credit quality), but are high quality borrowers. The improvement comes from diversification of the bank’s assets and the bank’s own capital which provides a buffer to absorb losses without defaulting on its own obligations. However, since banknotes and deposits are generally unsecured, if the bank gets into difficulty and pledges assets as security to try to get the funding it needs to continue to operate, this puts the note holders and depositors in an economically subordinated position.
5. maturity transformation — banks borrow more on demand debt and short term debt, but provide more long term loans. In other words; banks borrow short and lend long. Bank can do this because they can aggregate issues (e.g. accepting deposits and issuing banknotes) and redemptions (e.g. withdrawals and redemptions of banknotes), maintain reserves of cash, invest in marketable securities that can be readily converted to cash if needed, and raise replacement funding as needed from various sources (e.g. wholesale cash markets and securities markets) because they have a high and more well known credit quality than most other borrowers.

What are the different channels of Banking you use in your daily life ?
Banks offer many different channels to access their banking and other services:

   * A branch, banking centre or financial centre is a retail location where a bank or financial institution offers a wide array of face-to-face service to its customers.
   * ATM is a computerized telecommunications device that provides a financial institution’s customers a method of financial transactions in a public space without the need for a human clerk or bank teller. Most banks now have more ATMs than branches, and ATMs are providing a wider range of services to a wider range of users. For example in Hong Kong, most ATMs enable anyone to deposit cash to any customer of the bank’s account by feeding in the notes and entering the account number to be credited. Also, most ATMs enable card holders from other banks to get their account balance and withdraw cash, even if the card is issued by a foreign bank.
   * Mail is part of the postal system which itself is a system wherein written documents typically enclosed in envelopes, and also small packages containing other matter, are delivered to destinations around the world. This can be used to deposit cheques and to send orders to the bank to pay money to third parties. Banks also normally use mail to deliver periodic account statements to customers.
    *Telephone banking is a service provided by a financial institution which allows its customers to perform transactions over the telephone. This normally includes bill payments for bills from major billers (e.g. for electricity).
    *Online banking is a term used for performing transactions, payments etc. over the Internet through a bank, credit union or building society’s secure website.

How many type of banks there are ?

 Banks’ activities can be divided into retail banking, dealing directly with individuals and small businesses; business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high net worth individuals and families; and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profits.
Central banks are normally government owned banks, often charged with quasi-regulatory responsibilities, e.g. supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as the lender of last resort in event of a crisis.
Type of Retail Banks

    Commercial bank: the term used for a normal bank to distinguish it from an investment bank. After the Great Depression, the U.S. Congress required that banks only engage in banking activities, whereas investment banks were limited to capital market activities. Since the two no longer have to be under separate ownership, some use the term “commercial bank” to refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses.
    Community Banks: locally operated financial institutions that empower employees to make local decisions to serve their customers and the partners
    Community development banks: regulated banks that provide financial services and credit to under-served markets or populations.
    Postal savings banks: savings banks associated with national postal systems.
    Private banks: manage the assets of high net worth individuals.
    Offshore banks: banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.
    Savings bank: in Europe, savings banks take their roots in the 19th or sometimes even 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative, while in others socially committed individuals created foundations to put in place the necessary infrastructure. Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach and by their socially responsible approach to business and society.
    Building societies and Landesbanks: conduct retail banking.
    Ethical banks: banks that prioritize the transparency of all operations and make only what they consider to be socially-responsible investments.
    Islamic banks: Banks that transact according to Islamic principles.

Date : : 22th August 2012 Very Important News of the Day :

Date ::
22th August 2012 Very Important News of the Day ::

( 1 ) The percentage of Indians living in urban areas has increased from 27.8 percent in 2001 to 31.16 percent in 2011.
( 2 ) India has the second highest percentage of underweight children below the age of five years according to the World Health Statistics report 2012.
( 3 ) The proposals of telecom PSUs BSNL and MTNL to reduce their workforce by 1.21 lakh by offering voluntary retirement scheme ( VRS ) to staff will cost them over Rs 17,445 crore.
( 4 ) Congress member P J Kurien was unanimously elected deputy chairman of Rajya Sabha.
( 5 ) State-run IDBI Bank today became the first lender to come out with a floating rate deposit product after the Reserve Bank nudged banks to switch to such mode of deposits in July.
( 6 ) 48 people have been killed in clashes over land between pastoral and farming communities in Kenya’s southeast.
( 7 ) Indian business travellers are among the top spenders along with Singaporeans in the Asia Pacific, according to a survey by hospitality major Accor.
( 8 ) First Delhi International Film Festival in December, will be headed by Dada Sahib Phalke awardee Malayalam filmmaker Adoor Gopalakrishnan.
( 9 ) Air India’s post-merger losses, from 2007-08 to 2011-12, are over Rs 28,000 crore.
( 10 ) Retail inflation eases to 9.86% in July.

Date : : 21th August 2012 Very Important News of the Day :

Date ::
21th August 2012 Very Important News of the Day ::

( 1 ) 10 Indians to take part in London Paralympic Games 2012.
( 2 ) Oldest modern human fossil in Southeast Asia found in Laos.
( 3 ) India and South Africa would clash against each other to kick off the ICC Champions Trophy 50-over contest at Cardiff in Wales on June 6, 2013.
( 4 ) South Africa is now no. 1 in Test Cricket after winning Test

Championship mace at Lord's, beating England.
( 5 ) Spain's Sergio Garcia won Wyndham Championship (Golf).
( 6 ) Delhi to become first kerosene-free city.
( 7 ) Apple dethrones Microsoft to become most valuable company ever at $622 billions.
( 8 ) 40% of India's FDI comes from A 12-storey building in the heart of Port Louis, the capital of Mauritius.
( 9 ) Retail inflation declines to 9.86% in July .
( 10 ) July Consumer Price Index eases to 9.86%.
( 11 ) GSI- Global Subsidies Initiative.

Date : : 20th August 2012 Important News of the Day :

Date ::
20th August 2012 Important News of the Day ::

( 1 ) Sadbhavana Diwas & Rajiv Gandhi Akshay Urja Diwas- 20th August 2012.
( 2 ) Asia gets its fastest 7,800 km long undersea data cable to connect traffic in Asia linking Japan, Malaysia, Singapore and the Philippines which could aid in financial trade ,the Submarine-cable Express (ASE) transfers data via an optical fibre system at 40 gigabits per seconds.

( 3 ) Foreign Institutional Investors (FIIs) have infused a net amount of USD 1.02 billion (about Rs 5,692 crore) in August so far, taking the total for this year to USD 11.4 billion (Rs 57,958 crore) in Indian equities, according to the Securities and Exchange Board of India (Sebi).
( 4 ) In view of Northeast exodus government orders blocking of more than 250 websites.
( 5 ) Telenor settles Uninor's loans of Rs 9,809 crore.
( 6 ) Luxury car maker Mercedes-Benz India today inaugurated the largest workshop by any automobile manufacturer at suburban Andheri Mumbai.
( 7 ) India upset over prime plot in Colombo being sold to China.
( 8 ) Maruti to lift Manesar lockout tomorrow.
( 9 ) Tendulkar gifts BMW to Saina Nehwal.
( 10 ) Federer beat Novak, won Cincinnati Open.
( 11 ) Li Na of China bt Angelique Kerber of Germany, won Women's Cincinnati Open.
( 12 ) Robert Lindstedt / Horia Tecau beat M. Bhupathi / R. Bopanna, won Men's Double Cincinnati Open tournament.
( 13 ) A. Hlavackova / L. Hradecka beat K. Srebotnik / J. Zheng, won Women's Double Cincinnati Open tournament.

Date : : 19th August 2012 Important News of the Day :

Date ::
19th August 2012 Important News of the Day ::

( 1 ) India and Russia going to sign biggest-ever defence deal worth $ 35 billion.
( 2 ) Miss People's Republic of China Wen xia YU was crowned Miss World 2012, Vanya Mishra won Multimedia award & Beauty with a purpose award.
( 3 ) The National Stock Exchange emerged as the world's second- largest bourse in terms of turnover in trading of index as well as stock future, according to latest data.
( 4 ) FIR will be lodged against users who forge documents to get SIM cards.
( 5 ) Top six companies add Rs 17,658 crore in market capitalisation; RIL biggest gainer.
( 6 ) PAC (Public Accounts Committee) to examine CAG reports.
( 7 ) Auto, consumer durables loans set to get cheaper. FM To Banks: Ease Burden On Buyers.

Date : : 18th August 2012 Important News of the Day :

Date ::
18th August 2012 Important News of the Day ::

( 1 ) Ace batsman Laxman retires from international cricket .
( 2 ) IndiGo pips Jet, now no. 1 airline.
( 3 ) K C Chakraborty's tenure as RBI Dy. Governor extended till June 2014.
( 4 ) India has reduced the number of items in the sensitive list for SAARC's non-least developed countries (NLDCs) like Pakistan, a move which will further expand trade in goods in the region.

( 5 ) US rejects diplomatic asylum to Julian Assange.
( 6 ) Civil Aviation Ministry today refuted the loss figures given out by government auditor CAG in its report on Delhi airport, saying the calculation of presumptive gain was "totally erroneous and misleading"
( 7 ) CAG’s trident bleeds govt. Coalgate losses officially pegged at 1.86 lakh cr, R-Power will get Rs 29K cr windfall from coal diversion, govt helped DIAL(Delhi Intl Airport Pvt Ltd) benefit by thousands of crores.
( 8 ) PM panel pegs Financial Year 2013 GDP growth at 6.7%.
( 9 ) Leo Puri, an adviser with consulting major McKinsey’s India arm, has been chosen to head UTI Mutual Fund.

Date : : 17th August 2012 Important News of the Day :

Date ::
17th August 2012 Important News of the Day ::

( 1 ) CAG 'coal-gate' report estimates Rs 1.86 lakh crore loss
( 2 ) Punjab to get world’s first all-vegetarian Subway outlet.
( 3 ) Micromax launches 10.1-inch tablet FunBook Pro for Rs 9,999.
( 4 ) NE migrants flee more cities as panic spreads Ethnic Clashes Erupt In More Assam Districts.
( 5 ) Taliban storm Pak air base that stores nuke warheads.

( 6 ) Congress leader P J Kurien may be made dy chairperson in Rajya Sabha.

( 7 ) Commerce & Industry Minister Anand Sharma hints at FDI reforms by mid-september.

( 8 ) Rs 9K cr highway projects set to get cabinet approval.

( 9 ) Shell out more for MF investments, All Retail IPO Investors To Get Shares As Sebi Changes Key Norms.

Date : : 16th August 2012 Important News of the Day :

Date ::
16th August 2012 Important News of the Day ::

( 1 ) Blasts in Manipur on I-Day; 4 injured.
( 2 ) Indian firm Eram Solutions wins Bill and Melinda Gates Foundation grant for 'e-toilets.
( 3 ) Haryana will spend Rs 90,000 crore on proposed works during the 12th Five Year Plan.
( 4 ) Maruti Suzuki to lift lockout at Manesar plant on August 21
Reliance Industries can attain $100 billion m-c

ap value: Goldman Sachs
( 5 ) CAG's coal report to peg loss at Rs 1.86 lakh crores.
( 6 )Delhi-Jaipur double-decker train ready to roll
( 7 ) U-19 Word Cup: India register 107-run win against Papua New Guinea.
( 8 ) The common man wants the government to demonetise high denomination currency notes like Rs 1,000 and Rs 500 to effectively combat the menace of black money in the country
( 9 ) Swiss warn India on black money trail, said India will breach global obligations if it reveaks names of Swiss account holders, unless compelled by the courts, a Swiss official warned.
( 10 ) UBI (Union Bank of India) raises $350m as risk appetite returns.
( 11 ) Public sector steel maker Steel Authority of India (SAIL) has said it is close to acquiring coal blocks abroad as part of the International Coal Ventures (ICVL) consortium.
( 12 ) Rafael Nadal has withdrawn from US Open due to injury.

Date : : 15th August 2012 Important News of the Day :

Date ::
15th August 2012 Important News of the Day ::

( 1 ) India celebrated its 66th Independence Day today.
( 2 ) The Railways earned Rs 5608.25 crore in 2011-12
( 3 ) Gutka to be banned in Gujarat from 11 September 2012.
( 4 ) BSE, NSE among top five emerging market bourses: Sebi
( 5 ) Private equity firm Carlyle Group LP has agreed to buy Getty Images Inc from Hellman & Friedman for $3.3 billion.
( 6 ) Inflation near 3-yr low of 6.87% in July.
( 7 ) Exports down by 14.8% to $22.4bn & Imports down to $37.9bn in July, Trade deficit stand at $15.5bn in July.
( 8 ) Eurozone economy shrinks 0.2% in Q2.
( 9 ) RBI caps bank investment in group biz. up to 5% for unregulated financial services & up to 10% for regulated financial service companies.

Date : : 15th August 2012 Important News of the Day ::

Date ::
14th August 2012 Important News of the Day ::

( 1 ) London Olympics 2012 : SpiceJet announces life time free air tickets to Indian medal winners.
( 2 ) Pune has topped the list of 16 cities which have witnessed an increase in residential property prices during April-June , data released by the National Housing Bank.
( 3 ) People of 67 per cent households in rural India defecate in the open and several states "fudge" data on building of toilets, the government told the Rajya Sabha today.
( 4 ) The Planning Commission has assured Jammu and Kashmir of providing a fund support of Rs 136 crore to the State Financial Corporation (SFC) to help restore its past glory.
( 5 ) Kerala to set up State Disaster Response Unit.
( 6 ) Inflation falls to 6.87% in July
( 7 ) Indirect tax collection during the first four months of this fiscal rose by 22 % as against the budgetary target of 27 %.
( 8 ) Bodoland Territorial Council (BTC) Chief- Hagrama Mohilary.
( 9 ) Rory McIlroy won US PGA Championship.

Born On This Day In History

Born on this day in History :: 14 August ,

1867 John Galsworthy
1913 Fred Davis
1919 Nehemiah Persoff
1935 Liz Fraser
1941 David Crosby
1945 Steve Martin
1947 Danielle Steele1955 Gillian Taylforth
1960 Sarah Brightman
1968 Halle Berry

Date : : 13th August 2012 Important News of the Day :

Date ::
13th August 2012 Important News of the Day ::

( 1 ) London Olympic Games 2012 Final medal tally:-
US- 46 G, 29 S, 29 B.
China- 38 G, 27 S, 22 B.
GBR- 29 G, 17 S, 19 B.
India ranked 55th- 0 G, 2 S, 4 B.
( 2 ) Olympic bronze medallist Victoria Azarenka of Belarus stayed top of the women’s ATP rankings.
( 3 ) Wimbledon champion Roger Federer stayed top of the men’s tennis rankings released by the ATP ranking.

( 4 ) 24,000 wheat bags rot in scarcity-hit Gujarat, would have fed 5K people for a year.
( 5 ) Govt may start selling stakes in BHEL, SAIL to raise Rs 30k crores.
( 6 ) DLF has sold 17 acres of prime land in Mumbai to Lodha Developers for about Rs 2,700 crore, nearly four times higher than the price at which the company had bought this parcel seven years ago in 2005.
( 7 ) India's huge gold imports in the last financial year at USD 60 billion was partially responsible to high current account deficit, Prime Minister's Economic Advisory Council Chairman C Rangarajan.
( 8 ) Saudi Arabia to build a women-only city.
( 9 ) Heads of smaller PSBs get to lead bigger lenders.

IIFA Awards Winner 2012 : :

    The IIFA Awards 2012 this year was held in the beautiful city of Singapore.Ranbir Kapoor and Nargis Fakhri have been voted as the Hottest Pair in Bollywood. In a glittering moment these awards were presented in Singapore on June 10. The winners are :-

    Best Picture :
    Zindagi Na Milegi Dobara;
    Best Actor :
    Ranbir Kappor (Rockstar);
    Best Actress:
    Vidya Balan (The Dirty Picture);
    Best Director:
    Zoya Akhtar (Zindgi Na Milegi Dobara);
    Best Story :
    Zoya Akhtar (Zindgi Na Milegi Dubara);
    Best Supporting Actress:
    Parineeti Chopra (Ladies Vs Ricky Bhal);
    Best Music Director :
    A.R. Rahman (Rockstar);
    Best Male Debutante:
    Vidyut Jamwal (Force);
    Best Female Debutante :
    Parineeti Chopra (Ladies Vs Ricky Bhal);
    Best Actor in Negative Role:
    Prakash Raj (Singham);
    Best Actor in Comic Role:
    Riteish Deshmukh (Double Dhamaal);
    Best Playback Singer: Male:
    Mohit Chauhan for Naadan Parindey (Rockstar);
    Best Playback Singer: Female:
    Shreya Ghosal for Teri Meri (Bodyguard);
    Best Lyrics:
    Irshad Kamil for Naadan Parindey (Rockstar);
    Special Honour :
        Norwegian actress LivUllmann for her outstanding contribution to International Cinema.
        Veteran actress Rekha for her outstanding achievement in Indian cinema.
        Filmmaker Ramesh Sippy for the outstanding contribution to Indian cinema.

Date : : 12th August 2012 Important News of the Day :

Date ::
12th August 2012 Important News of the Day ::

( 1 ) Rs1 cr reward for Olympic silver medalist Sushil Kumar.
( 2 ) 2012 London Olympics India finishes its campaign with 2 silver and 4 bronze medals.
( 3 ) Olympic bronze medalist MC Mary Kom will be India’s flag bearer at the closing ceremony of the London Games.
( 4 ) Government fixes 500-word limit for RTI query.
( 5 ) Foreign Institution

al Investors (FIIs) invest Rs 4,800 cr in August.
( 6 ) Healthcare, hospitality, IT to add 16 lakh jobs in FY13: Assocham.
( 7 ) Haryana government would introduce a complete ban on food articles containing nicotine and tobacco from August 15.
( 8 ) ONGC makes huge oil discovery off West coast.
( 9 ) Iran 6.2 magnitude quakes kill 87, over 400 injured.
( 10 ) David Rudisha won gold in 800m race and sets new world record of 1:40:91 seconds.
( 11 ) Juventus beat Napoli, win Italian Super Cup football.

Golden Kela Awards 2012

Winner of Golden Kela Awards 2012.

Worst Actor :

Imran Khan for “Mere Brother Ki Dulhan”

Worst Actress :

Deepika Padukone for “Aarakshan”

Worst Film :

Ra- One

Worst Director :

Anubhav Sinha for “Ra.One”

Most Atrocious Lyrics :

Amitabh Bhattacharya for “Pyar Do Pyar Lo” (Thank You), “Jigar Da Tukda” (Ladies v/s Ricky Bahl) and “The Mutton Song” (Luv Ka the End)

Most Irritating Song :

“Teri Meri” from “Bodyguard”

Worst Supporting Actor :

Prateik for “Aarakshan” and “Dum Maaro Dum”

Platinum Kela Award :

Kanti Shah (producer and director of a bevy of B-grade Hindi films) for excellence in cinema

“Bawra Ho Gaya Ke” award :

Pankaj Kapoor for his directorial debut, “Mausam”

Worst Debutante :

Chirag Paswan for “Miley Na Miley Hum”

The “Aaja Nachle” award for worst Attempt at a comeback :

Esha Deol for “Tell Me O Kkhuda”

Lajja Award for worst treatment of a serious issue :

Aarakshan

“Bas Kijiye Bohut Ho Gaya” award :

Pritam

The FALTU Award :

F.A.L.T.U

Shakti Kapoor Award for Misogny :

“Pyaar Ka Punchnama”

Date : : 11th August 2012 Important News of the Day :

Date ::
11th August 2012 Important News of the Day ::

( 1 ) Mohammad Hamid Ansari takes oath as India's Vice President.
( 2 ) Indian Navy to buy 56 utility helicopters for $1 billion.
( 3 ) Kerala is to launch its own airline "Air Kerala" to cater to passengers travelling between the state and Gulf Cooperation Council (GCC) countries.
( 4 ) Government to launch common fare card for all forms of p

ublic transport in Delhi by the name ‘More’ card applicable in state buses, Metro and even parking.
( 5 ) Kudankulam nuclear power plant is likely to become operational by the month-end as the Atomic Energy Regulatory Board has given its approval for loading fuel in the 1,000MW first unit.
( 6 ) Foreign Direct Investment (FDI) in India declined by over 65 per cent to USD 4.64 billion during April-June 2012-13 year-on-year amid global economic slowdown.
( 7 ) ONGC Q1 net profit increases to Rs 6,077.7 crore.
( 8 ) Kingfisher Airlines posts Q1 loss of Rs 651 crore.
( 9 ) Govt to allow foreign telcos to bid in 2G spectrum auctions.
( 10 ) RBI asks banks to issue multi-city cheques sans fees.

Date : : 10th August 2012 Important News of the Day :

Date ::

10th August 2012 Important News of the Day ::

( 1 ) Yuvraj Singh named in T20 World Cup squad.

( 2 ) Indian Oil Corp (IOC) on Thursday posted the nation's biggest quarterly net loss of Rs 22,451 ever by any listed company.

( 3 ) State Bank of India (SBI) today reported a 137 per cent jump in net profit at Rs 3,752 crore for the first quarter ended June 30, 2012.

( 4 ) HCL Infosystems wins Rs 2200 crore Unique ID Authority        ( UID )contract.

( 5 ) India's Q1 GDP growth may dip below 5%.

( 6 ) Moody's cuts India growth f'cast to 5.5%.

( 7 ) The Haryana government has recorded a 17.16 per cent increase in tax collection at Rs 5,451.82 crore up to June 2012 compared to Rs 4,653.33 crore collected in the corresponding period of the financial year 2011-12.

( 8 ) Usain Bolt wins 200m Olympics Gold in 19.32sec.

( 9 ) Over 26,000 crore lying idle in PF accounts, FDs.

( 10 ) The 165km-long Yamuna Expressway, which will reduce commuting time between Greater Noida and Agra to two hours, was launched on Thursday by UP chief minister Akhilesh Yadav.

( 11 ) Karnataka mining scam may’ve cost exchequer 50k crore.

( 12 ) IIP drops to minus 1.8% in June.

Date : : 9th August 2012 Important News of the Day : :

Date ::
9th August 2012 Important News of the Day ::

( 1 ) Moody’s cuts India’s growth forecast to 5.5 p.c
( 2 ) Infosys bags Rs 700 crore deal from India Post for implementing core banking and insurance solutions in 150,000 post offices across the country, as well as installing ATMs.
( 3 ) Nearly Rs 100 crore was spent on training 1,063 government officials abroad during the last five years, the

Rajya Sabha was told today.

( 4 ) Lockout in Maruti's Manesar unit costing Rs 90 crore per day: Assocham today claimed

( 5 ) Google to include information from Gmail accounts in search results

( 6 ) Industrial growth contracts 1.8% in June

( 7 ) SEBI may reintroduce 2% entry load to revive mutual funds.

( 8 ) Teaser loan borrowers get relief, No Penalty On Prepayment During Floating Stage Under Dual Rate Scheme.

( 9 ) Anand Mahindra to be new chief of M&M.

India National Tourism Award 2010-2011

India National Tourism Award 2010-2011.
The National Tourism Awards 2010-11 were presented by President Smt Pratibha Patil at Vigyan Bhawan in New Delhi on February 29. The awards were given to 78 awardees in over 50 categories.
Best State - Rest of India

First Prize - Madhya Pradesh

Second Prize - Rajasthan
Best State - North East and Jammu & Kashmir

Sikkim
Best State - Compaign Clean India

Sikkim


Best Civic Management of a Destination

Municipal Council of Mandav (Mandu), District Dhar, Madhya Pradesh
Best Heritage City

Hyderabad
Best Heritage Walk

Delhi Tourism & Transportation Development Corporation Ltd.
Most Innovative / Unique Tourism Project (Joint Winners)

    Black Beauties of Rewari – Steam Heritage Destination - DRM, Delhi Division.
    Pilgrim-cum-Cultural Centre at Solophok Sikkim - Dept. of Tourism & Civil Aviation, Govt. of Sikkim

Best Rural Tourism Project

Rural Tourism Project at Srikalahasti, District Chittor, Andhra Pradesh.
Best Responsible Tourism Project

Empowerment of Women through Literacy India & Fair Trade by Kuoni Travel (India) Pvt. Ltd.
Best Wellness Centre

Somatheeram Ayurvedic Hospital and Yoga Centre, Kovalam, Thiruvananthapuram
Best Medical Tourism facility

Ruby Hall Clinic, Pune.
Best Airport

Rajiv Gandhi International Airport, Hyderabad

Best Tourist Friendly Railway Station

New Delhi Railway Station
Excellence in Publishing

Threads of Hope (The Magical Weaves of Andhra Pradesh) – Publisher : Ms. Noopur Kumar
Best Tourism Film

Madhya Pradesh Tourism
Best Tourism Promotion Publicity Material by States / Union Territories

Award Winner: Madhya Pradesh Tourism

Special Prize: Himachal Pradesh Tourism
Most innovative use of Information Technology / Best Website / Portal

Award Winner : Kerala Tourism

Special Prize: www.hornbillfestival.com

Date : : 8th August 2012 Important News of the Day : :

Date ::
8th August 2012 Important News of the Day ::
( 1 ) Mary Kom loses to Nicola Adams, gets bronze in Olympics 2012.
( 2 ) India ranked No 2 globally when it comes to search queries, related to education on Google Search
( 3 ) Spain’s Amancio Ortega overtakes Buffett as the third richest person according to the Bloomberg Billionaires Index.
( 4 ) World War II museum to be constructed at Namp

ong in Changlang district of Arunachal Pradesh to boost tourist inflow from South East Asian countries with Rs 2.25 crore.

( 5 ) Facebook opens doors to real-money gambling in Britain.

( 6 ) American banking major Citi and global brokerage CLSA today cut India growth to their estimates of 5.4 and 5.5 per cent respectively.

( 7 ) Bharti Airtel Q1 profit falls 37% to Rs 762 crore.

( 8 ) India's exports to European countries increased by about 16 per cent to USD 57.7 billion in 2011-12, while imports rose by about 29 per cent year-on-year to USD 91.5 billion.

( 9 ) Govt plans to start 2G auction on Nov 12. Telecom sector will have to pay around Rs 6.3 lakh crore as spectrum charges by 2014-15 for offering various services.

Banking and Finance terms abbreviations

Banking and Finance terms abbreviations

1.    ACF ..............Auto-Correlation Function
2.    AD ................Authorized Dealer
3.    ADB ..............Asian Development Bank
4.    ADR .............American Depository Receipt
5.    AFS ..............Annual Financial Statement
6.    AGM .............Annual General Meeting
7.    AIRCSC .......All India Rural Credit Survey Committee
8.    AO ................Additive Outliers
9.     AR ................Auto Regression
10.    ARIMA ..........Auto-Regressive Integrated Moving Average
11.    AFS ..............Available For Sale
12.    ASSOCHAM........ Associated Chambers of Commerce and Industry of India
13.    ATM..............Asynchronous Transfer Mode
14.    ATM..............Automated Teller Machine
15.    BIS ...............Bank for International Settlements
16.    BOI ...............Bank of India
17.    BoP ..............Balance of Payments
18.    BPM5 ...........Balance of Payments Manual, 5th edition
19.    BPSD ...........Balance of Payments Division, DESACS, RBI
20.    BSCS ...........Basel Committee on Banking Supervision
21.    BSR..............Basic Statistical Returns
22.    CAD .............Capital Account Deficit
23.    CAG .............Controller and Auditor General of India
24.    CBS ..............Consolidated Banking Statistics
25.    CC ................Cash Credit
26.    CD ................Certificate of Deposit
27.    CD ................Ratio Credit Deposit Ratio
28.    CDBS ...........Committee of Direction on Banking Statistics
29.    CF ................Company Finance
30.    CFRA ...........Combined Finance and Revenue Accounts
31.    CGRA ...........Currency and Gold Revaluation Account
32.    CII ................Confederation of Indian Industries
33.    CO................Capital Outlay
34.    CP ................Commercial Paper
35.    CPI ...............Consumer Price Index
36.    CPI-IW .........Consumer Price Index for Industrial Workers
37.    CR ................Capital Receipts
38.    CRAR ...........Capital to Risk Weighted Asset Ratio
39.    CRR .............Cash Reserve Ratio
40.    CSIR ............Council of Scientific and Industrial Research
41.    CSO .............Central Statistical Organisation
42.    CVC .............Central Vigilance Commission
43.    DAP ..............Development Action Plan
44.    DBOD...........Department of Banking Operations and Development
45.    DBS ..............Department of Banking Supervision, RBI
46.    DCA.............. Ministry of Companies Affairs
47.    DCB .............Demand Collection and Balance
48.    DCCB ...........District Central Cooperative Bank
49.    DCM .............Department of Currency Management, RBI
50.    DD ................Demand Draft
51.    DDS .............Data Dissemination Standards
52.    DEIO ............Department of External Investments and Operations
53.    DESACS ......Department of Statistical Analysis & Computer Services, RBI
54.    DGBA ...........Department of Government and Bank Accounts, RBI
55.    DGCI&S .......Directorate General of Commercial Intelligence and Statistics
56.    DI .................Direct Investment
57.    DICGC .........Deposit Insurance and Credit Guarantee Corporation of India
58.    DID ...............Discharge of Internal Debt
59.    DMA .............Departmentalized Ministries Account
60.    DRI ...............Differential Rate of Interest Scheme
61.    DSBB ...........Dissemination Standards Bulletin Board
62.    DVP ..............Delivery versus Payment
63.    ECB ..............External Commercial Borrowing
64.    ECB ..............European Central Bank
65.    ECGC...........Export Credit and Guarantee Corporation
66.    ECS ..............Electronic Clearing Scheme
67.    EDMU ..........External Debt Management Unit
68.    EEA ..............Exchange Equalization Account
69.    EEC..............European Economic Community
70.    EEFC ...........Exchange Earners Foreign Currency
71.    EFR ..............Exchange Fluctuation Reserve
72.    EPF ..............Employees Provident Fund
73.    EUR .............Euro
74.    EXIM Bank ...Export Import Bank of India
75.    FCA ..............Foreign Currency Assets
76.    FCCB ...........Foreign Currency Convertible Bond
77.    FCNR(B) ......Foreign Currency Non-resident (Banks)
78.    FCNRA .........Foreign Currency Non-resident Account
79.    FCNRD ........Foreign Currency Non-Repatriable Deposit
80.    FDI ...............Foreign Direct Investment
81.    FEMA ...........Foreign Exchange Management Act
82.    FI ..................Financial Institution
83.    FICCI ............Federation of Indian Chambers of Commerce and Industry
84.    FII ................. Foreign Institutional Investor
85.    FIMMDA .......Fixed Income Money Market and Derivatives Association of India
86.    FISIM ...........Financial Intermediation Services Indirectly Measured
87.    FLAS ............Foreign Liabilities and Assets Survey
88.    FOF ..............Flow Of Funds
89.    FPI ...............Foreign Portfolio Investment
90.    FRA ..............Forward Rate Agreement
91.    FRBM ...........Fiscal Responsibility and Budget Management Act, 2003
92.    FRN..............Floating Rate Note
93.    FSS ..............Farmers Service Societies
94.    FWG.............First Working Group on Money supply
95.    GDP .............Gross Domestic Product
96.    GDR .............Global Depository Receipt
97.    GFD .............Gross Fiscal Deficit
98.    GFS ..............Government Finance Statistics
99.    GIC...............General Insurance Corporation
100.    GLS ..............Generalized Least Squares
101.    GNIE ............Government Not Included Elsewhere
102.    GoI ...............Government of India
103.    GPD .............Gross Primary Deficit
104.    G-Sec ...........Government Securities
105.    HDFC ...........Housing Development Finance Corporation
106.    HFT ..............Held For Trading
107.    HICP.............Harmonised Index of Consumer Prices
108.    HO................Head Office
109.    HUDCO ........Housing & Urban Development Corporation
110.    IBRD ............ International Bank for Reconstruction and Development
111.    IBS ............... International Banking Statistics
112.    ICAR ............ Indian Council of Agricultural Research
113.    ICICI ............. Industrial Credit and Investment Corporation of India
114.    ICMR ............ Indian Council of Medical Research
115.    IDB ............... India Development Bonds
116.    IDBI .............. Industrial Development Bank of India
117.    IDD ............... Industrial Development Department
118.    IFAD ............. International Fund for Agricultural Development
119.    IFC ............... International Finance Corporation
120.    IFC(W) ......... International Finance Corporation (Washington)
121.    IFCI .............. Industrial Finance Corporation of India
122.    IFR ............... Investment Fluctuation Reserve Account
123.    IFS ............... International Financial Statistics
124.    IGLS ............. Iterative Generalized Least Squares
125.    IIBI ................ Industrial Investment Bank of India
126.    IIP ................. Index of Industrial Production
127.    IIP/InIP ......... International Investment Position
128.    IMD .............. India Millennium Deposits
129.    IMF ............... International Monetary Fund In India
130.    INR ............... Indian Rupee
131.    IOTT ............. Input-Output Transaction Table
132.    IP .................. Interest Payment
133.    IRBI .............. Industrial Reconstruction Bank of India
134.    ISDA ............. International Swaps and Derivative Association
135.    ISIC .............. International Standard Industrial Classification
136.    ISO ............... International Standards Organization
137.    ITRS ............. International Transaction Reporting System
138.    IWGEDS ...... International Working Group on External Debt Statistics
139.    KVIC............. Khadi & Village Industries Corporation
140.    LAF .............. Liquidity Adjustment Facility
141.    LAMPS ......... Large-sized Adivasi Multipurpose Societies
142.    LAS .............. Loan & Advances by States
143.    LBD .............. Land Development Bank
144.    LBS .............. Locational Banking Statistics
145.    LERMS......... Liberalised Exchange Rate Management System
146.    LIC ............... Life Insurance Corporation of India
147.    LS ................. Level Shift
148.    LT ................. Long Term
149.    LTO .............. Long Term Operation
150.    M1 ................Narrow Money
151.    M3 ................Broad Money
152.    MA ................Moving Average
153.    MCA .............Ministry of Company Affairs
154.    MIGA ............Multilateral Investment Guarantee Agency
155.    MIS ...............Management Information System
156.    MMSE ..........Minimum Mean Squared Errors
157.    MoF ..............Ministry of Finance
158.    MOF .............Master Office File
159.    MRM ............Monitoring and Review Mechanism
160.    MSS .............Market Stabilisation Scheme
161.    MT ................Mail Transfer
162.    MTM .............Mark-To-Market
163.    NABARD ......National Bank for Agriculture and Rural Development
164.    NAC(LTO) ....National Agricultural Credit (Long Term Operatiion)
165.    NAIO ............Non Administratively Independent Officeh
166.    NAS ..............National Account Statistics
167.    NASSCOM ...National Association of Software and Services Companies
168.    NBC .............Non-Banking Companies
169.    NBFC ...........Non Banking Financial Companies
170.    NEC .............Not Elsewhere Classified
171.    NEER ...........Nominal Effective Exchange Rate
172.    NFA ..............Non-Foreign Exchange Assets
173.    NFD..............Net Fiscal Deficit
174.    NGO .............Non-Governmental Organization
175.    NHB .............National Housing Bank
176.    NIC ...............National Industrial Classification
177.    NIF ...............Note Issuance Facility
178.    NNML ...........Net Non-Monetary Liabilities
179.    NPA ..............Non-Performing Assets
180.    NPD .............Net Primary Deficit
181.    NPRB ...........Net Primary Revenue Balance
182.    NPV ..............Net Present Value
183.    NR(E)RA ......Non-Resident (External) Rupee Account
184.    NR(NR)RA ...Non-Resident (Non-Repatriable) Rupee Account
185.    NRE .............Non-Resident External
186.    NRG .............Non-Resident Government
187.    NRI ...............Non-Resident Indian
188.    NSC .............National Statistical Commission
189.    NSSF ...........National Small Savings Fund OD Over Draft
190.    ODA .............Official Development Assistance
191.    OECD...........Organisation for Economic Cooperation and Development
192.    OECO ..........Organisaton for Economic Cooperation
193.    OFI ...............Other Financial Institutions
194.    OLTAS ..........OnLine Tax Accounting System
195.    OMO ............Open Market Operations
196.    OSCB ...........Other Indian Scheduled Commercial Bank
197.    PACF ............Partial Auto-Correlation Function
198.    PACS............Primary Agriculture Credit Societies
199.    PCARDB ......Primary Cooperative Agriculture and Rural Development Bank
200.    PD ................Primary Deficit
201.    PDAI .............Primary Dealers Association of India
202.    PDO .............Public Debt Office
203.    PDO-NDS ..Public Debt Office-cum-Negotiated Dealing System
204.    PDs ..............Primary Dealers
205.    PES ..............Public Enterprises Survey
206.    PF ................Provident Fund
207.    PIO ...............Persons of Indian Origin
208.    PNB ..............Punjab National bank
209.    PO ................Principal Office
210.    PRB ..............Primary Revenue Balance
211.    PSE ..............Public Sector Enterprises
212.    PUC .............Paid Up Capital
213.    PC ......... Printing Code
214.    P&L .......... Profit and Loss
215.    P/E ........... Price/Earnings
216.    PAS ..........Public Address System
217.    PB .............. Planters Bank
218.    PN ........... Promissory Note
219.    PO ........... Probationary Officer
220.    PO ......... Purchase Order
221.    PI ........... Penal Interest
222.    PIFI ......Pensions, Insurance, and Financial Institutions
223.    PLAR ........Prudential Liquidity Assessment Review
224.    PS ...........Priority Sector
225.    PSB ...........Public Sector Banks
226.    PSU .............Public Sector Unit
227.    POMO ...........Permanent Open Market Operations
228.    POS ............Point of Sales
229.    POS ..........Point of Services
230.    PQA .........Professional Qualification Allowance
231.    PS ..............Preference Shares
232.    PVI ..........Primary Variable of Interest
233.    Pvt .........Private
234.    QRR .............Quick Review Report
235.    RBI ...............Reserve Bank of India
236.    RD ................Revenue Deficit
237.    RDBMS ........Relational Database Management System
238.    RE ................Revenue Expenditure
239.    REC .............Rural Electrification Corporation
240.    REER ...........Real Effective Exchange Rate
241.    RFC..............Residents Foreign Currency
242.    RIB ...............Resurgent India Bonds
243.    RIDF .............Rural Infrastructure Development Fund
244.    RLA ..............Recoveries of Loans & Advances
245.    RLC ..............Repayment of Loans to Centre
246.    RMB .............Renminbi (Chinese)
247.    RNBC ...........Residuary Non-Banking Companies
248.    RO................Regional Office
249.    RoCs ............Registrars of Companies
250.    RPA ..............Rupee Payment Area
251.    RPCD ...........Rural Planning and Credit Department, RBI
252.    RR ................Revenue Receipts
253.    RRB .............Regional Rural Bank
254.    RTP ..............Reserve Tranche Position
255.    RUF ..............Revolving Underwriting Facility
256.    RWA .............Risk Weighted Asset
257.    SAM .............Social Accounting Matrix
258.    SAS ..............Statistical Analysis System
259.    SBI ...............State Bank of India
260.    SC ................Schedule Caste
261.    SCARDB ......State Cooperative Agriculture and Rural Development Bank
262.    SCB ..............State Cooperative Bank
263.    SCB ..............Scheduled Commercial Bank
264.    SCS ..............Size Class Strata
265.    SDDS ...........Special Data Dissemination Standards
266.    SDR .............Special Drawing Right
267.    SEBI .............Securities and Exchange Board of India
268.    SEBs ............State Electricity Boards
269.    SFC ..............State Financial Corporation
270.    SGL ..............Subsidiary General Ledger
271.    SGSY ...........Swarnajayanthi Gram Swarrojgar Yojana
272.    SHGs ...........Self-Help Groups
273.    SIDBI ............Small Industries Development Bank of India
274.    SIDC ............State Industrial Development Corporation
275.    SI-SPA ..........Systems Improvement Scheme under Special Project Agriculture
276.    SJSRY..........Swarna Jayanti Shahari Rojgar Yojana
277.    SLR ..............Statutory Liquidity Ratio
278.    SLRS ............Scheme for Liberation & Rehabilitation of Scavangers
279.    SMG .............Standing Monitoring Group
280.    SNA ..............System of National Accounts
281.    SRWTO........Small road & Water Transport Operators
282.    SSI ...............Small-Scale Industries
283.    SSSBEs .......Small Scale Service & Business Enterprises
284.    ST.................Schedule Tribe
285.    SWG ............Second Working Group on Money Supply
286.    TBs ...............Treasury Bills
287.    TC ................Temporary Change
288.    TT .................Telegraphic Transfer
289.    UBB ..............Uniform Balance Book
290.    UBD .............Urban Banks Department
291.    UCB .............Urban Cooperative Bank
292.    UCN .............Uniform Code Number
293.    US ................United States
294.    USD .............US Dollars
295.    UTI ...............Unit Trust of India
296.    VC ................Venture Capital
297.    WGMS .........Working Group on Money Supply: Analytics and Methodology of Compilation
298.    WPI ..............Wholesale Price Index
299.    WSS .............Weekly Statistical Supplement
300.    YTM .............Yield to Maturity
301.    ZO ................Zonal Office