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Role of Technology in Driving Financial Inclusion
The banking sector has made rapid strides largely because of the swift advancement in technology. Automated teller machines, internet and mobile banking, payment wallets, and other advancements have brought in significant improvements in consumer experience and have also helped banks widen their reach.
RBI has been actively involved in harnessing technology for the development of the Indian banking sector over the years. The apex bank took upon the task of promoting computerisation in banking to improve customer services, book keeping and management information system (MIS) to enhance productivity. RBI has played a pivotal role in achieving various objectives such as implementation of the electronic payment system such as RTGS (Real Time Gross Settlement), electronic funds transfer (NEFT), mobile banking system etc.
Adoption of the Core Banking Solutions (CBS): CBS is networking of branches, which enables customers to operate their accounts and avail of banking services from any branch of the bank on CBS network, regardless of where the customer maintains his/her account.
Mobile Phone Penetration
Leveraging mobile phone penetration and mobile phone service, providers are introducing innovative methods of bringing the unbanked populations into the formal economy using mobile phones.
India has witnessed rapid growth in mobile adoption and today more than 70 per cent of the population owns a mobile phone.
The extensive reach of mobile phones offers an innovative low-cost channel to expand the reach of banking and payment services especially to the large section of rural mobile subscribers.
It has advantages over traditional banking methods because it breaks down geographical constraints.
Other advantages include immediacy, security and efficiency.
Mobile banking also reduces the cost of financial transactions as it involves little or no infrastructure cost to the bank and no additional investment from the customers.
Government Initiative for Inclusive Growth
Financial inclusion is likely to remain high on the government’s agenda over the next decade. Over the last several years, many initiatives have been progressively launched.
Digital India
The Digital India initiative, coupled with a payment infrastructure, is laying the cornerstone for a digital economy, keeping in mind the increasing willingness of people to use the internet and the rising data traffic in the country.
The impact of Digital India by 2019:
An investment of $18.4 billion to provide last mile internet connectivity, better access to government services, and development of IT skills
Provision of Wi-Fi services in cities with a population of more than one million, as well as major tourist centres
Provision of broadband internet access to 250,000 village clusters by 2019 at a cost of about $5.9 billion
Availability of digital lockers to each citizen, allowing them to store all their original identification documents and records
Development of 100 smart cities in India
Focus on moving towards automation in delivery of government services
Achievement of a leadership position in IT towards betterment of health, education and banking services
Widened internet access and an enabled use of shareable private space on a public cloud model in order to empower citizens digitally
Aadhaar Card
The technology-levered Aadhaar programme is likely to be the biggest disruptor in financial inclusion delivery, as innovations leveraging the Aadhaar card are expected to assist in broad-basing the access and acceptance by financially excluded segments.
Direct Benefits Transfer
The scheme was initiated to facilitate disbursements of government entitlements such as those under the social security pension scheme, handicapped old age pension scheme, etc., of any central or state government bodies, using Aadhaar and authentication thereof, as supported by UIDAI.
As the market has been exposed to innovative digital-based services that have been disruptive in nature, it is now betting on changing client preferences to move from pricing (discounts)...
Retail Banking
The provision of these services is expected to encourage electronic retail payments and facilitate inter-operability across banks in a safe and secured manner.
Payment Banks
Payments banks are a new model of banks conceptualised by the Reserve Bank of India (RBI).The main objective of payments bank is to widen the spread of payment and financial services to small business, low-income households, migrant labour workforce in secured technology-driven environment in remote areas of country.
They can raise deposits of up to Rs 1 lakh, and pay interest on these balances just like a savings bank account does
They can enable transfers and remittances through a mobile phone at low cost
They can offer services such as automatic payments of bills, and purchases in cashless, cheque less transactions through a phone
They can issue debit cards and ATM cards usable on ATM networks of all banks
They cannot lend money and issue credit cards
Digitisation Trends and Opportunities
Consumer behaviour is changing towards rapid adoption of digitisation
As the market has been exposed to innovative digital-based services that have been disruptive in nature (e-commerce players and e-governance services), it is now betting on changing client preferences to move from pricing (discounts) to convenience and service.
Demographic dividend is likely to create a large digital-savvy customer segment
India’s demographic dividend is well suited to switch to digital behaviour, considering that the median age of an Indian is expected to be 29 years by 2020, with 900 million of the population falling in the age group of 15–60 years by 2025.
The banking sector has made rapid strides largely because of the swift advancement in technology...(that) have made significant improvements in consumer experience and have also helped banks widen their reach.
As the market has been exposed to innovative digital-based services that have been disruptive in nature, it is now betting on changing client preferences to move from pricing (discounts)...
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What is the unit of measurement of GDP?
- Absolute numberof goods and services
- Other than those given as options
- Absolute number per capita
- Monetary terms (Rupees, Dollars etc.)
- Percentage or proportion
0 voters
#RBI GA
IMPORTANT TOPIC FOR RBI GR B 2019 EXAM
Forward Markets Commission (FMC)
What are forward markets?
‘Forward’ or ‘Futures’ are contracts for commodities that are traded at futures exchange similar to shares, but here, actual physical goods are traded. Futures/forwards contracts are traded on foreign currencies and interest rates also. The commodities that are traded in futue contracts are corn, crude oil, silver, gold, etc. There are certain benefits of these futures trading :
This hedges the participants against price risk(fluctuation in prices influenced by ecological, political or economic factors)
Commodity exchanges help in production(farmers observe the price trends and decide which product to cultivate and in what amount) as well as procurement planning(for industries which buy agricultural products as raw materials).
It enables the participation of various informed industry participants, which allow for efficient price discovery, discounting the local and global factors.
What was the NSEL Crisis?
National Spot Exchange of India (NSEL), an electronic trading platform where producers and traders could buy and sell agriculture and industrial commodities. NSEL had permitted bidding greater than the underlying assets and for longer durations than its mandated T+10=11 days duration. Therefore, a payment crisis at NSEL. Dues went unpaid to the tune of Rs. 5,600 crore.
The NSEL was being regulated by APMC(Agricultural Produce Market Committee) because it was a spot exchange not a futures exchange. But, it was acting as a futures exchange in violation of the rules without proper margin and settlement systems in place.
Therefore, after this crisis FMC is brought under finance ministry from Consumer affairs. This follows the logic that – regulations for commodities and stocks are similar since both are securities and involve trading of underlying assets.
forward market commission
Let us study the details about the FMC now:
The Forwards Market Commission is a statutory entity which is involved in monitoring and regulating the operations, activities of the Commodities futures market in India.
It is setup under the Forward Contracts (Regulation) Act of 1952.
FMC has its headquarters in Mumbai and a regional office in Kolkata.
It earlier functioned under the Ministry of Consumer affairs, this was prior to the NSEL crisis. Now it functions under the Department of Economic Affairs of Ministry of Finance.
Objectives of Forward Markets Commission (FMC):
The Forward Markets Commission (FMC), is the chief regulator of the Forwards and Futures market in the country. The Commission gives regulatory insights to ensure financial integrity, and market integrity. It works towards protecting and promoting the interest of consumers or non-participants.
The FMC assesses the market situation and takes into account the recommendations made by the Commodity exchanges for prescribing the rules and regulations of the Exchange. The Commission accords permission for conducting trade in distict contracts, while monitoring the market conditions continuously. It takes remedial measures wherever necessary to impose regulatory measures.
Composition:
According to the Forward Contracts(Regulation) Act,1952 the commission should comprise of 2 members and a Chairman. These all three are appointed by the Central government. Generally, the Chairman is a member of the Indian Administrative Services and the members are from the Indian Economic Services.
Functions of FMC:
Forward Market Commission functions as a sole institution governing the commodities market in India. It executes a variety of roles.
It counsels the Central Government for matters regarding recognition or withdrawal of the previously accorded recognition from any of the registered association.
It also provides advice on any other matters that arise as a result of the administration of the Forward Contracts (Regulation) Act 1952.
FMC provides suggestions to uplift and improve the functioning of the Commission as well as the Futures markets.
The Commission can cross-check and inspect the accounts as well as any other documents of the registered associations and their members.
It keeps a vigil on the Future commodities market and also exercises its discretionary powers in the interest and growth of the markets and consumers.
FMC is mandated to source, collect and publish the information about trading conditions for various commodities covered under the purview of the governing act. These details are generally about the demand, supply and prices.
Commodity exchanges:
There are 22 exchanges in the country. Out of these twenty two, there are 6 National level exchanges involved in the Forward Commodity trading in India. These important six national exchanges are:
MCX (Multi-commodity Exchange of India Limited) located in Mumbai.
NCDEX (National Commodity and Derivatives Exchange Limited) situated in Mumbai.
NMCE (National Multi-commodity Exchange of India Limited) located in Ahmedabad.
ICEX (Indian Commodity Exchange Limited) based in New Delhi.
ACEINDIA (Ace Derivatives and Commodity Exchange Limited) located in Mumbai.
UCX (Universal Commodity Exchange Limited) located in Navi Mumbai www.facebook.com/groups/rbi.grade.b.prelim.main
What To Study In Budget For Rbi Gr B Exam?
Focus on The following Points:
New Policies and amendments of old ones.
Allocation in key Policies.
Finance and Tax related Data.
Study The Above Points under Following Heads:
Annual Financial Statement (AFS) – Article 112
Demands for Grants (DG) – Article 113
Appropriation Bill – Artice 114(3)
Finance Bill – Article 110 (a)
Memorandum Explaining the Provisions in the Finance Bill.
Macro-economic framework for the relevant financial year – FRBM Act
Fiscal Policy Strategy Statement for the financial year – FRBM Act
Medium Term Fiscal Policy Statement – FRBM Act
Medium Term Expenditure Framework Statement – FRBM Act
Expenditure Budget Volume-1
Expenditure Budget Volume-2
Receipts Budget
Budget at a glance
Highlights of Budget
Status of Implementation of Announcements made in Finance Minister’s Budget Speech of the previous financial year.
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COMPLETE COURSE FOR RBI GRADE B 2019..LATEST MATERIAL..YEAR 2019..IN PDF FORMAT..EASY TO READ...ESI..FM..CURRENT AND STATIC BOTH..IT CAN BE DOWNLOADED THROUGH GOOGLE DRIVE and MCQS FORMAT PDF, AND Finance (static and current) for 2019 in pdf format by one more coaching institute also included.ONLY FOR Rs.400..if interested whatsap me on 8178765894 ..currently I am working in a PSB and also preparing for RBI Grade b
Swachh Bharat has led to reduced ground water contamination: Study by UNICEF
Union Minister for Jal Shakti Shri Gajendra Singh Shekhawat has said that Swachhata
affects all aspects of the environment – be it groundwater, surface water, soil or air – as
This Update Has Been Compiled By DAS SIR, KOLKATA -8961556195.
well as health and well-being of the communities in ODF regions. Praising the Swachh
Bharat Mission for bringing a reduction in ground water contamination, he said, the
WHO 2018 study had estimated that the Swachh Bharat Mission will save over 3 lakh
lives by the time India is Open Defacation Free. Releasing two independent third-party
studies conducted on the Swachh Bharat Mission (Grameen), the Minister said, the
Mission will continue to positively impact people’s lives for a long time to come.
These studies, commissioned by UNICEF and the Bill and Melinda Gates, were aimed
at assessing the environmental impact and communication footprint of the Swachh
Bharat Mission (Grameen) respectively. The full reports as well as the summary reports
of both the studies can be downloaded from mdws.gov.in and sbm.gov.in.
Union Minister for Environment and Forests Shri Prakash Javadekar highlighted the
significance of launching these studies on World Environment Day. He said that the
United Nations, aware that the protection and improvement of the human environment
is a major issue which affects the well-being of peoples and economic development
throughout the world, designated 5th June as World Environment Day. He added that it
is only fitting that UNICEF has chosen this day to release its findings on the positive
impact the Swachh Bharat Mission has had on the environment of rural India.
Secretary, Government of India, Shri Parameswaran Iyer, in his opening remarks,
shared that the rural sanitation coverage in the country had crossed the 99% mark and
that the Mission was in the final stretch of its completion with 30 States and Union
Territories already having declared themselves free from open defecation. He said that
the Mission is focusing on sustaining the gains of this progress and to extend the
momentum to the ODF-plus phase which includes solid and liquid waste management.
Summary of the study findings
Environmental Impact study by UNICEF
Under the "Environmental impact of the Swachh Bharat Mission on Water, Soil, and
Food" by UNICEF, groundwater samples were collected and studied from ODF and
non-ODF villages of Odisha, Bihar and West Bengal. The study found that, in terms of
faecal contamination, non-ODF villages were, on average:
11.25 times more likely to have their groundwater sources contaminated (12.7 times
more from contaminants traceable to humans alone)
1.13 times more likely to have their soil contaminated
1.48 times more likely to have food contaminated and 2.68 times more likely to have
household drinking water contaminated.
The study findings indicated that these substantial reductions may potentially be
attributed to the improvement in sanitation and hygiene practices, as well as supportive
systems such as regular monitoring and behaviour change messaging, which have all
been critical aspects of the Swachh Bharat Mission (Grameen).
IEC footprint study by Gates Foundation
This Update Has Been Compiled By DAS SIR, KOLKATA -8961556195.
The “Assessment of the reach and value of IEC activities under Swachh Bharat Mission
(Grameen)” conducted by Dalberg, supported by the Bill and Melinda Gates
Foundation, estimated the scale of IEC activities within the Mission and assessed
associated monetary and in-kind costs, and outputs such as reach. The study found
that:
SBM mobilized a spend equivalent worth INR 22,000 to 26,000 crores in monetary and
non-monetary IEC activities.
Of this spend equivalent, cash expenditure on IEC activities spent by the Government,
private sector, and the development community was estimated to be between INR
3,500 – 4,000 crores.
Of this cash spend, ~20% (~INR 800 crores) was spent by the Ministry of Drinking
Water and Sanitation (MDWS), ~35% (~INR 1,250 crores) by the State Sanitation
Departments, ~25% (~INR 1,000 crores) by other government ministries, and the other
~20% by the private sector (CSR and business expenditures) and the development
sector collectively.
An average person living in rural India was exposed to between 2,500 – 3,300 SBM
related messages over the last five years.
More Free Resources at --https://www.facebook.com/rbigradebcoachingbydassir
Swachh Bharat has led to reduced ground water contamination: Study by UNICEF
Union Minister for Jal Shakti Shri Gajendra Singh Shekhawat has said that Swachhata
affects all aspects of the environment – be it groundwater, surface water, soil or air – as
This Update Has Been Compiled By DAS SIR, KOLKATA -8961556195.
well as health and well-being of the communities in ODF regions. Praising the Swachh
Bharat Mission for bringing a reduction in ground water contamination, he said, the
WHO 2018 study had estimated that the Swachh Bharat Mission will save over 3 lakh
lives by the time India is Open Defacation Free. Releasing two independent third-party
studies conducted on the Swachh Bharat Mission (Grameen), the Minister said, the
Mission will continue to positively impact people’s lives for a long time to come.
These studies, commissioned by UNICEF and the Bill and Melinda Gates, were aimed
at assessing the environmental impact and communication footprint of the Swachh
Bharat Mission (Grameen) respectively. The full reports as well as the summary reports
of both the studies can be downloaded from mdws.gov.in and sbm.gov.in.
Union Minister for Environment and Forests Shri Prakash Javadekar highlighted the
significance of launching these studies on World Environment Day. He said that the
United Nations, aware that the protection and improvement of the human environment
is a major issue which affects the well-being of peoples and economic development
throughout the world, designated 5th June as World Environment Day. He added that it
is only fitting that UNICEF has chosen this day to release its findings on the positive
impact the Swachh Bharat Mission has had on the environment of rural India.
Secretary, Government of India, Shri Parameswaran Iyer, in his opening remarks,
shared that the rural sanitation coverage in the country had crossed the 99% mark and
that the Mission was in the final stretch of its completion with 30 States and Union
Territories already having declared themselves free from open defecation. He said that
the Mission is focusing on sustaining the gains of this progress and to extend the
momentum to the ODF-plus phase which includes solid and liquid waste management.
Summary of the study findings
Environmental Impact study by UNICEF
Under the "Environmental impact of the Swachh Bharat Mission on Water, Soil, and
Food" by UNICEF, groundwater samples were collected and studied from ODF and
non-ODF villages of Odisha, Bihar and West Bengal. The study found that, in terms of
faecal contamination, non-ODF villages were, on average:
11.25 times more likely to have their groundwater sources contaminated (12.7 times
more from contaminants traceable to humans alone)
1.13 times more likely to have their soil contaminated
1.48 times more likely to have food contaminated and 2.68 times more likely to have
household drinking water contaminated.
The study findings indicated that these substantial reductions may potentially be
attributed to the improvement in sanitation and hygiene practices, as well as supportive
systems such as regular monitoring and behaviour change messaging, which have all
been critical aspects of the Swachh Bharat Mission (Grameen).
IEC footprint study by Gates Foundation
This Update Has Been Compiled By DAS SIR, KOLKATA -8961556195.
The “Assessment of the reach and value of IEC activities under Swachh Bharat Mission
(Grameen)” conducted by Dalberg, supported by the Bill and Melinda Gates
Foundation, estimated the scale of IEC activities within the Mission and assessed
associated monetary and in-kind costs, and outputs such as reach. The study found
that:
SBM mobilized a spend equivalent worth INR 22,000 to 26,000 crores in monetary and
non-monetary IEC activities.
Of this spend equivalent, cash expenditure on IEC activities spent by the Government,
private sector, and the development community was estimated to be between INR
3,500 – 4,000 crores.
Of this cash spend, ~20% (~INR 800 crores) was spent by the Ministry of Drinking
Water and Sanitation (MDWS), ~35% (~INR 1,250 crores) by the State Sanitation
Departments, ~25% (~INR 1,000 crores) by other government ministries, and the other
~20% by the private sector (CSR and business expenditures) and the development
sector collectively.
An average person living in rural India was exposed to between 2,500 – 3,300 SBM
related messages over the last five years.
More Free Resources at --https://www.facebook.com/rbigradebcoachingbydassir
COMPLETE COURSE FOR RBI GRADE B 2019..LATEST MATERIAL..YEAR 2019..IN PDF FORMAT..EASY TO READ...ESI..FM..CURRENT AND STATIC BOTH..IT CAN BE DOWNLOADED THROUGH GOOGLE DRIVE and MCQS FORMAT PDF, AND Finance (static and current) for 2019 in pdf format by one more coaching institute also included.ONLY FOR Rs.400..if interested whatsap me on 8178765894 ..currently I am working in a PSB and also preparing for RBI Grade b
Hello.. add me to the discussion group
#rbi GK
Find the Best Online Mentorship in Whatsapp For Rbi Gr B Exam with Free Study Materials, monthly Updates , Examination Strategy and Tips to Crack Interview as well.Find update samples at -- https://www.facebook.com/rbigradebcoachingbydassir/
COMPLETE COURSE FOR RBI GRADE B 2019..LATEST MATERIAL..YEAR 2019..IN PDF FORMAT..EASY TO READ...ESI..FM..CURRENT AND STATIC BOTH..IT CAN BE DOWNLOADED THROUGH GOOGLE DRIVE and MCQS FORMAT PDF, AND Finance (static and current) for 2019 in pdf format by one more coaching institute also included.ONLY FOR Rs.400..if interested whatsap me on 8178765894 ..currently I am working in a PSB and also preparing for RBI Grade b
Start preparing the descriptive topics at first to form your concept. Go through each topic and revise regularly. After you form a concept the try to answer the short questions. When you are done with it solve the MCqs.
You must follow consistent hours of study and increasing study hours on weekends and holidays. Remember the more you get involve in it the better it would be for you to march ahead.More free resources at--