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BANK PROMOTION EXAM | IMPORTANT THEORY | SCALE 1 TO SCALE 2 ALL BANKS

BANK PROMOTION EXAM IMPORTANT THEORY 

In this article, we will discuss the important theory topics of Bank promotion exams 2022, scale 1 to scale 2 for all the banks. To help you prepare for your bank promotion exam 2022, we will also provide you with bank promotion latest exam study material 2022, which includes various services like mock tests 2022, video courses, and notes in the form of ePDFs. The details of our bank promotion study material 2022 are given later in this article. First, we would like to begin with some important theory topics for the Bank promotion exam 2022

 

NEGOTIABLE INSTRUMENT ACT OF 1881

  • Negotiable means Transferable, and instrument refers to written documents.
  • A document that grants someone access to money and that can be transferred from one person to another by simple delivery or by endorsement and delivery is called a negotiable instrument.
  • It is one way to pass a debt from one person to another.

 

PUBLIC PROVIDENT FUND SCHEME, 1968

  • Individuals and minors may open accounts, but only ONE account may be opened at a post office or a bank.
  • HUF & NRI can’t PPF Accounts on their name. 
  • Deposit Amount: Minimum of 500 rupees and a maximum of 150000 rupees each fiscal year (in 12 instalments). If a father already has one account and opens another one with a minor child, he must deposit a minimum of Rs. 500 in each account and a maximum of Rs. 150000 in both accounts combined.
  • Interest: Between the fifth and the last day of the month, interest is due on the lowest balance. Interest is charged at 8.7%. WEF 01/04/2013
  • Earned interest is tax-free

 

RIGHT TO INFORMATION ACT, 2005

  • Within 30 days of receiving the application, the public information officer must provide the information (for life or liberty of a person within 48 hours)
  • Maximum fine of Rs.25000/- (penalty of Rs.250/- each day).
  • The act is not applicable in Jammu and Kashmir.
  • Anybody may appeal (FIRST) within 30 days after receiving the decision or the deadline. A second appeal may be filed within 90 days of receiving the first appeal’s ruling or until it expires.
  • The provisions of Section 8 provide for exemption from information disclosure, and Section 9 addresses rejection.


 

SENIOR CITIZEN SCHEME, 2004

  • 60 years and older can open the maximum deposit amount is Rs. 15 lakhs.
  • If a person is 55 years of age or older and has retired on superannuation, VRS, etc., they may apply.
  • The maximum amount cannot be greater than the sum of retirement benefits or Rs. 15 lakhs (Retirement benefits must be deposited within one month of receipt). Armed force members who retire on superannuation may apply regardless of age criteria as long as the total retirement benefits are no more than 15 lakhs.
  • Interest is due every quarter at a rate of 9.2% per year.
  • At the end of five years, it can be re-opened for another five. It may be prolonged for a period of three years.
  • There may be more than one nominee. Photo and signature of nominees must be acquired for the purpose.
  • TDS is always deducted at the source.
  • A person may have many air conditioners, but the sum of all of them must not be greater than the cap amount.
  • Transfers are possible from the post office to the bank and vice versa. For the first transfer, there is no price up to Rs. 1 lakh, but for future transfers, there is a fee of Rs. 5 per lac or part thereof.
  • No Agency commission shall be paid by branches beginning on January 12, 2011.
  • SCSS, 2004 can only be opened by approved branches that can open PPF accounts.

READ ALSO-> BANK PROMOTION EXAM SCALE 1 TO SCALE 2

MONEY LAUNDERING 

The act to tackle the issue of ‘huge sums of money actually acquired through major crimes, including drug trafficking or terrorist activity, but making them appear as if they have come from a legitimate source is known as money laundering.

Placement, layering, and integration are the three steps in the money laundering process.

  • The term “placement” describes the act of injecting “dirty money” (cash obtained illegally or illegally) into the financial system;
  • The practise of “layering” involves hiding the source of that money via a series of intricate transactions and bookkeeping tricks; and
  • Integration is the process of obtaining such money through ostensibly legal means.

 

AML, OR ANTI-MONEY LAUNDERING

A combination of practices, policies, or regulations known as anti-money laundering (AML) which are intended to put an end to the practice of earning money through illicit means. Market manipulation, the sale of unlawful commodities, the theft of public funds, tax evasion, and all other actions intended to hide these deeds are all targeted by AML rules and regulations.

 

PAYMENT BANKS

A payments bank is similar to any other bank in that it conducts business on a smaller scale without taking on any credit risk. Simply said, it is capable of doing the majority of banking tasks but not credit card issuance or loan advances. Demand deposits up to Rs 1 lakh can be accepted, and it also provides remittance services, mobile payments, transfers, and purchases, in addition to traditional banking services, including ATM and debit card use, net banking, and third-party cash transfers.

 

SMALL FINANCE BANKS

Because bank branches are scarce in rural areas due to expensive operations and low volume, the majority of the population are without access to basic financial services. In order to remedy this issue, the RBI allowed private parties to establish Local Area Banks (LAB) in 1996. Currently, four LABs are operating successfully and serving a critical purpose in the provision of credit to small and medium-sized businesses, agriculture, and banking services in underbanked and unbanked regions. In July 2014, the RBI released new rules for approving Small Finance Banks in the private sector, substantially strengthening the current structure.

 

TRANSFER OF DIRECT BENEFITS (DBT)

The Indian government’s attempt to alter the way subsidies are transferred, known as Direct Benefit Transfer or DBT, was introduced on January 1, 2013. Through this scheme, financial aid will be delivered straight to recipients’ bank accounts. Citizens who are below the poverty threshold will get benefits or subsidies directly under the DBT system. The Office of the Controller General of Accounts is putting into place the Central Plan Scheme Monitoring System (CPSMS), which will serve as the standard platform for routing DBT.

 

WORKING CAPITAL 

Despite having assets and profits, a business may lack liquidity if its assets cannot be quickly transformed into cash. A company needs to have positive working capital to ensure that operations can continue and that it has enough money to pay down maturing short-term debt as well as impending operational expenses. Managing cash accounts receivable and payable and inventories are all parts of managing working capital.

Now that we are done discussing the short notes of essential theory topics for Bank promotion exams 2022, we would like to tell you about our Bank promotion study material for 2022. 

 

BANK PROMOTION EXAM STUDY MATERIAL 2022

Learning Sessions offers the best study material for banking exams thanks to its significant experience in providing courses for Banking Exams—Clerical to Scale-I, Scale-I to Scale-II, Scale-I to Scale-III, and Scale-III to Scale-IV of all the banks. On registering for the Bank Promotions 2022 Exams, the candidate’s study material 2022 will include the following:

  • Brand-new video course (covering General Banking, Legal Banking, forex, and Accounting)
  • Questions from earlier years in our mock tests 2022 (for quick revision)
  • Our Bank promotion exam materials 2022 also incorporate the most recent rates and regulations.
  • We also provide the most recent financial developments in our Bank promotion exam study material 2022.
  • Notes in the form of ePDFs are available on our apps. 

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