Journey over for me ;(
attempted 59... score 52... cleared 😃
IN with 59.25.. puys get ready for d mains.. congrats to al those who cleared d prelims .. :-) :-)
can some1 pls tell how many students[number in total] are qualified for mains.congrats to all who are selected.its time for Mains.
cleared with 59...
68 Attempts
62.50 Marks
Through to Mains!! 😃
cleared.... got 55.25...
in 63.75
Best Mocks for Mains please among bankersadda, oliveboard etc..
Thanks in advance
Dear Readers,
Current affairs is an important component of several competitive exams
such as the UPSC Civil Services Examination, SSC CGL, Bank PO & PSU
entrance tests, etc. Therefore, understanding the terms/concepts/events that
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about the RBI Act, 1934.
The Reserve Bank of India Act, 1934, is the legislation under which the apex bank was formed. This act and the Banking Companies Act of 1949, provide a framework for the supervision of commercial banks in India.
Important sections of the RBI Act, 1934
1. The act comprises the definition and classification of scheduled commercial banks in its Second Schedule. This includes nationalised banks, State Bank of India and its associates, Regional Rural Banks (RRBs) and private banks. A few co-operative banks that fulfill certain criteria are included in this list.
2. Section 17 of the act outlines the basic business functions of the RBI- it accepts deposits of and extends advances to the Central and State governments, purchases foreign exchange from banks and sells it to them, provides loans to banks and state financial corporations (SFCs), purchases and sells government securities, purchase and discounts bills of exchange, to deal in derivatives namely, repo or reverse repo, among other functions.
3. Section 18 outlines the RBI's power of direct discounts. RBI has the right to lend loans to banks, purchase or discount bills to regulate credit in the interest of the economy.
4. According to Section 21 of the act, the RBI has to conduct banking affairs of the Central and State governments along with managing public debt.
5. Section 22 states that RBI alone has the right to issue Indian currency notes and coins. Section 24 declares that the maximum denomination of currency should be Rs.10000. As it is important to have the right to decide rules for exchange of damaged and unusable notes, it is guaranteed under Section 28 of this act.
6. Only the RBI or the Central government is vested with the right to issue and accept promissory notes (a financial instrument containing a person's promise to pay a specific sum to another person on a pre-decided date or on demand).
7. Section 42 (I) decrees scheduled banks to maintain an average daily balance (average of balances at the close of business) with the RBI.
Reserve Bank of India (Amendment) Act, 2006
1. Define the expressions, 'derivative', 'repo' and 'reverse repo' in Section 17 which outlines the business of the Bank.
2. Empower the RBI to deal in derivatives, to lend or borrow securities and to undertake repo or reverse repo;
3. Remove the lower floor and upper ceiling of Cash Reserve Ratio (CRR) and to provide flexibility to RBI to specify CRR as per amendment to Section 42(1)
4. Remove ambiguity regarding the legal validity of derivatives;
5. Chapter III-D was included to authorise RBI to lay down policy and issue orders to any agency dealing in various kinds of contracts with respect to government securities, money-market instruments, derivatives, etc., and to inspect such agencies.
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attempted 65... scored 52.25... cleared...
IN WITH 53.0 MARKS........63 ATTEMPTS....20TH JUNE , 3RD SLOT
1st day 3rd slot... 60.25... cleared :)
qualified- 57.50
1st day 3rd slot
in with 53.75... 😃
aaj se essay writing practice start hogi?sm who is interested can post essay .so pls discuss karo kaha essay post karna hai
Abey Kya IN IN laga rakha hai, Facebook pe Jao! 😐
out with 56 marks/68 attempted
attempted 64... scored 52.75... 😃
In for Phase 2, Attempted 63 Scored 52, 3rd Day Last Slot.