GK/General Awareness/G-Studies – Important One Liners

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General Awareness -Important Points 

* Commercial Paper(CP) is an unsecured money market instrument issued in the form of a promissory note

* Commercial Paper(CP) was introduced in India in 1990.

* RTGS stands for REAL TIME GROSS SETTLEMENT

* The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 Lakh. There is no upper ceiling for RTGS transactions

* A term deposit is a contract between the bank and the customer for a definite term and it cannot be paid prematurely at the bank’s option.
Banks have the freedom to determine their own penal rates of interest for premature withdrawal of term deposits

* Base rate system has replaced the erstwhile Benchmark Prime lending rate system with effect from July 2010

* NEFT – National Electronics Funds Transfer is a nation – wide payment system facilitating one to one funds transfer.

* There is no limit- either minimum or maximum- on the amount of funds that could be transferred using NEFT.

* IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank branch participating in the NEFT system

* MICR – Magnetic Ink Character Recognition is a 9 digit code to identify the location of the bank branch; the first 3 characters represent the city, next 3 the bank and lat 3 the branch

* ECS- Electronic Clearing System is an electronic mode of payment/receipt for transactions that are repetitive and periodic in nature

* The first bank in India to be given an ISO certification is CANARA Bank

* Allahabad Bank is the oldest public sector bank in India

* The First Indian bank to have been started solely with Indian capital is PUNJAB NATIONAL BANK

* Central Government levies taxes on income(except income on agriculture which by state govt.) , customs duties, central excise and service tax.

* Cheque Truncation system(CTS) is the process of stopping the flow of the physical cheque issued by a drawer at some point with the presenting bank en-route to the drawee bank branch.

* VAT, stamp duty, state excise, land revenue and profession tax are levied by state government

* Indian Stock market has three mainstream stock exchanges- BSE, NSE and MCX-SX

* Divideneds are profits the company distributes to shareholders

* Bankruptcy is a legal action in which a person who is not able to repay his loans satisfactorily is declared bankrupt by a court order

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