TARGET IBPS PO PRELIMS 2019 – Banking Awareness Day 4TARGET IBPS PO PRELIMS 2019 – Banking Awareness Day 4

Dear Bankersdaily Aspirants,

IBPS PO Prelims Exam 2019 is near and as promised , we are here with the Day 4 Questions for the IBPS PO Prelims Exam 2019 – Study Planner.

Follow the planner regularly and enhance your preparation skills for the IBPS PO Prelims Exam 2019.

Aspirants who are following this fresh can check the Detailed Study Planner for the IBPS PO Prelims Exam 2019 from the link that is mentioned below.

TARGET IBPS PO Prelims 2019 – Study Planner

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IBPS PO Prelims 2019 – Study Planner Day 4 – Banking Awareness

• Section : Banking Awareness
• Topic : Development Banks in INDIA
• Time: 20 Minutes
• Level : Easy – Moderate

IFCI (Industrial Finance Corporation of India)

Ø IFCI Ltd. was set up in 1948 as Industrial Finance Corporation of India, a Statutory Corporation, through `The Industrial Finance Corporation of India Act, 1948’ of Parliament to provide medium and long-term finance to industry. It is a Non-Banking Finance Company in the public sector. IFCI is currently a company listed on BSE and NSE.

Ø IFCI became a Public Limited Company registered under the Companies Act, 1956.

Ø IFCI is also a Systemically Important Non-Deposit taking Non-Banking Finance Company (NBFC-ND-SI), registered with the Reserve Bank of India.

Ø The primary business of IFCI is to provide medium to long term financial assistance to the manufacturing, services and infrastructure sectors.

Ø With this, the shareholding of the Government of India in paid-up share capital of IFCI has been increased to 51.04% and IFCI has become a Government Company under Section 2(45) of the Companies Act, 2013.

Ø Further, Government of India has recently designated IFCI as a nodal agency for “Scheme of Credit Enhancement Guarantee for Scheduled Caste (SC) Entrepreneurs” in March 2015 with an objective to encourage entrepreneurship in lower strata of the societies. Under the Scheme IFCI would provide guarantee to banks against loans to young and start-up entrepreneurs belonging to scheduled castes.

Ø Its headquarters is in New Delhi, India. MD & CEO of IFCI – Dr. Emandi Sankara Rao

SIDBI (Small Industries Development Bank of India)

Ø Small Industries Development Bank of India (SIDBI) is a development financial institution in India. It was set up on 2^nd April 1990.

Ø Its purpose is to provide refinance facilities and short-term lending to industries and serves as the principal financial institution in the Micro, Small and Medium Enterprises (MSME) sector.

Ø SIDBI operates under the Department of Financial Services, Government of India.

Ø SIDBI is one of the four All India Financial Institutions regulated and supervised by the Reserve Bank; other three are EXIM Bank, NABARD and NHB.

Ø SIDBI is active in the development of Micro Finance Institutions through SIDBI Foundation for Micro Credit and assists in extending microfinance through the Micro Finance Institution (MFI) route. Its promotion & development program focuses on rural enterprises promotion and entrepreneurship development.

Ø State Bank of India is the largest individual shareholder of SIDBI with holding of 16.73% shares, followed by Government of India and Life Insurance Corporation of India

Ø Its headquarters is in Lucknow, Uttar Pradesh. CMD of SIDBI – Mohammad Mustafa

NHB (National Housing Bank)

Ø National Housing Bank (NHB), a wholly owned subsidiary of Reserve Bank of India (RBI), was set up on 9 July 1988 under the National Housing Bank Act, 1987.

Ø NHB is an apex financial institution for housing. NHB has been established with an objective to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support incidental to such institutions and for matters connected therewith.

Ø NHB registers, regulates and supervises Housing Finance Company (HFCs), keeps surveillance through On-site & Off-site Mechanisms and co-ordinates with other Regulators.

Ø Its headquarters is in New Delhi, India. MD & CEO – Dakshita Das.

NABARD (National Bank for Agriculture and Rural Development)

Ø National Bank for Agriculture and Rural Development (NABARD) is an apex development financial institution in India.

Ø NABARD was established on the recommendations of B. Sivaraman Committee, (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.

Ø It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC). It is one of the premier agencies providing developmental credit in rural areas. NABARD is India’s specialised bank for Agriculture and Rural Development in India.

Ø The initial corpus of NABARD was Rs.100 crores. NABARD is fully owned by Government of India.

Ø Its headquarters is in Mumbai, Maharashtra. Chairman of NABARD – Dr. Harsh Kumar Bhanwala.

Exim Bank (Export–Import Bank)

Export–Import Bank of India is the premier export finance institution in India, established in 1 January 1982 under Export-Import Bank of India Act 1981.

Ø Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment.

Ø Providing financial assistance to exporters and importers and functioning as the principal financial institution for coordinating the working of institutions engaged in financing export and import of goods and services with a view to promoting the country’s international trade.

Ø Its headquarters is in Mumbai, Maharashtra. MD of EXIM Bank – David Rasquinha.

Other Important Organisations

ECGC (Export Credit Guarantee Corporation of India)

Ø The ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd) is a company wholly owned by the Government of India.

Ø It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.

Ø Government of India had initially set up Export Risks Insurance Corporation (ERIC) in 30^th July 1957. It was transformed into Export Credit and Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee Corporation of India in 1983.

Ø Name of the company has been changed from Export Credit Guarantee Corporation of India Limited to ECGC Limited with effect from 8 August 2014 as per certificate issued by Deputy Registrar of Companies, Registrar of Companies, Mumbai.

Ø Offers guarantees to banks and financial institutions to enable exporters to obtain better facilities from them.

Ø Provides Overseas Investment Insurance to Indian companies investing in joint ventures abroad in the form of equity or loan and advances.

Ø It functions under the administrative control of the Ministry of Commerce & Industry, Department of Commerce, Government of India. It is managed by an Asset Management Company comprising representatives of the Government, Reserve Bank of India, banking, insurance and exporting community.

Ø ECGC Ltd is the seventh largest credit insurer of the world in terms of coverage of national exports. The present paid-up capital of the company is Rs. 1200 crores and authorized capital Rs.5000 crores.

Ø Its headquarters is in Mumbai, Maharashtra. CMD of ECGC – Geetha Muralidhar.

Banking Codes and Standards Board of India (BCSBI)

• The Banking Codes and Standards Board of India (BCSBI) is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the “Code of Bank’s Commitment to Customers”. It is not a compensation mechanism and looks into an individual complaint only to the extent it points to any systemic compliance failure.
• It is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on 18 February 2006.  The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years. S S Tarapore (Former deputy general of RBI) came up with an idea to form a committee for the benefit of customer so that they can get better financial services.

FEATURES:

Ø  To plan, evolve, prepare, develop, promote and publish voluntary, comprehensive Code and Standards for banks, to provide fair treatment to their customers.

Ø  To function as an independent and autonomous watchdog to monitor and ensure that the Codes and Standards are adhered to.

Ø  To conduct and undertake research of Codes and Standards currently in use around the world.

Ø  To enter into covenants with banks on observance of codes and standards and to train employees of such banks about the Codes.

Ø  To help people affected by natural calamities.

Banking Codes and Standards Board of India

• Headquarters: Mumbai, Maharashtra
• Chairman: A C Mahajan

Download the PDF of IBPS PO 2019 – Study Planner – Bankersdaily from the link that is provided below. 

Download – IBPS PO 2019 – Banking Awareness – Day 4

Aspirants who are following this fresh can check the Detailed Study Planner for the IBPS PO Prelims Exam 2019 from the link that is mentioned below.

TARGET IBPS PO Prelims 2019 – Study Planner