{Current Affairs} Daily News Notes: 2nd Nov, 2013

• ·         Maharashtra leads in Foreign Direct Investment (FDI) inflow. From 2000 to 2012, out of the total FDI flow into the country, a whopping 33%, amounting to $61 billion, reached Maharashtra, as per the data provided by the state industries department. In comparison, Delhi, NCR, Uttar Pradesh and Haryana together accounted for FDI worth $35.4 billion in the same period. Most of the FDI was in the services, telecommunication, metallurgy, power and computer hardware and software sectors. The maximum FDI of $70.9 billion came in from Mauritius, followed by Singapore ($18.4 billion), the UK ($17 billion), Japan ($13.83 billion) and the US ($10.8 billion). State industries department officials say Gujarat saw a drop of 43% in the quantum of FDI inflow in 2012-13. Also, it ranked sixth among states in attracting overseas investments in 2012-13. Gujarat is said to lag behind Maharashtra, Delhi, Tamil Nadu, Karnataka and Andhra Pradesh in terms of FDI inflow. The state has also seen development of second-tier towns — Nashik, Aurangabad, Nagpur and Kolhapur — as industrial centres. These are apart from Mumbai, Thane and Pune, which are already established industrial centres.

{Current Affairs} Daily News Notes: 1st Nov, 2013

{Current Affairs} Daily News Notes: 17th to 28th Feb, 2013

• Ahead of the next general elections in 2014, the Congress-led United Progressive Alliance government has proposed constitution of a high-power committee to review and assess the implementation of Justice Rajinder Sachar Committee’s recommendations and Prime Minister’s 15-Point Programme. Background: The Rajinder Sachar Committee, appointed in 2005 by the Indian Prime Minister Manmohan Singh, was commissioned to prepare a report on the latest social, economic and educational condition of the Muslim community of India. The committee was headed by the former Chief Justice of Delhi High Court Rajinder Sachar. The committee prepared a report of 403 pages, and presented in the lower house (Lok Sabha) of the Indian Parliament on 30 November 2006. The report is first of its kind revealing the backwardness of Indian Muslims, according to Sachar Committee report some of the major concers are: [1.] The status of Indian Muslims are below the conditions of Scheduled Castes and Scheduled Tribes; [2.] The overall percentage of Muslims in bureaucracy in India is just 2.5% whereas Muslims constitute above 14% of Indian population. On 16 August 2011 Sachar was arrested in New Delhi during protests over the detention of Anna Hazare and his supporters.

{Current Affairs} Daily News Notes: 3rd to 17th Feb, 2013

• Union Minister for Road Transport and Highways C.P. Joshi on Tuesday revealed that only 100 km of the 2,400-km Trans-Arunachal Highway announced on January 31, 2008 under the Prime Minister’s package for Arunachal Pradesh had been completed so far. The Trans-Arunachal (declared as National Highway 229) highway from Tawang to Mahadevpur will pass through Bomdila, Nechipur, Seppa, Sagalee, Ziro, Daporijo, Along, Pasighat, Roing, Teju, Mahadevpur, Namchik, Changlang, Khonsa and Kanubari. The project components include construction of two-lane feeder roads connecting all district headquarters. The Minister said that under the Special Accelerated Road Development Programme (SARDP-NE) construction, 10,141 km of two-lane highway had been planned for providing connectivity to all district headquarters of the northeastern region in two phases. So far 1,000 km had been constructed. 

{Current Affairs} Daily News Notes: 29th Jan to 2nd Feb, 2013

• The government, on Thursday, announced a downward revision in GDP (gross domestic product) growth to 6.2 per cent for fiscal year 2011-12 from the earlier provisional estimate of 6.5 per cent. Alongside, however, the GDP growth for 2010-11 fiscal stands revised upwards to 9.3 per cent from 8.4 per cent, as per the first revised estimates of ‘National income, consumption expenditure, saving and capital formation’, released here by the Central Statistics Office (CSO) for 2011-12 along with second revised estimates for 2010-11 and the third revised estimates for 2009-10. Other Highlights: [1.] GDP at factor cost at constant (2004-05) prices in 2011-12 is estimated at ` 52,43,582 crore as against ` 49,37,006 crore in 2010-11 registering a growth of 6.2 per cent during the year as against a growth of 9.3 per cent in the year 2010-11. At current prices, GDP in 2011-12 is estimated at `83,53,495 crore as against ` 72,66,967 crore in 2010-11, showing an increase of 15.0 per cent during the year, as against an increase of 19.0 per cent in the previous year. GDP at market prices at constant (2004-05) prices in 2011-12 is estimated at ` 56,31,379crore as against ` 52,96,108 crore in 2010-11 registering a growth of 6.3 per cent during the year as against a growth of 10.5 per cent in the year 2010-11.; [2.] At constant (2004-05) prices, the Gross National Income at factor cost in 2011-12 is estimated at ` 51,96,848 crore as against` 48,82,249 crore in 2010-11 showing a rise of 6.4 per cent during the year, as against an increase of 8.8 per cent in the previous year. At current prices, the Gross National Income in 2011-12 is estimated at` 82,76,665 crore as compared to `71,85,160 crore in 2010-11, showing a rise of 15.2 per cent during the year, as against an increase of 18.4 per cent in the previous year;[3.] The growth rate of 6.2 per cent in the GDP during 2011-12 has been achieved due to growth in financing, insurance, real estate & business services (11.7%), transport, storage and communication (8.4%), electricity, gas & water supply (6.5%) and trade, hotels & restaurants (6.2%); [4.] At constant prices, the primary sector, i.e. agriculture, forestry & fishing has shown a growth of 3.6 per cent during 2011-12 as against 7.9 per cent during the year 2010-11. The growth of secondary sector is 3.5 per cent and that of service sector is 8.2 per cent during 2011-12, as against a growth of 9.2 per cent and 9.8 per cent, respectively, in the previous year; [5.] Gross Domestic Capital Formation has increased from ` 28,71,649 crore in 2010-11 to ` 31,41,465 crore in 2011-12 at current prices and it increased from `21,20,377 crore in 2010-11 to `21,31,839 crore in 2011-12 at constant (2004-05) prices. The rate of Gross Capital Formation at current prices is 35.0 per cent in 2011-12 as against 36.8 per cent in 2010-11; [6.] The per capita income (per capita Net National Income at factor cost) in real terms, i.e. at 2004-05 prices, is estimated at ` 38,037 for 2011-12 as against `36,342 in 2010-11, registering an increase of 4.7 per cent during the year, as against an increase of 7.2% during the previous year. The per capita income at current prices is estimated at ` 61,564 in 2011-12 as against ` 54,151 for the previous year depicting a growth of 13.7 per cent, as against an increase of 17.1% during the previous year. [InfoGraphic]
• Section 126 of the Representation of the People, 1951, prohibits displaying any election matter by means, inter alia, of television or similar apparatus, during the period of 48 hours before the hour fixed for conclusion of poll in a constituency. Violation of the aforesaid provisions of Section 126 is punishable with imprisonment upto a period of two years, or with fine or both. Concerned TV/Radio/Cable/FM channels are free to approach the state/district/local authorities for necessary permission for conducting any broadcast related events which must also conform to the provisions of the model code of conduct and the programme code laid down by the Ministry of Information and Broadcasting under the Cable Network (Regulation) Act with regard to decency, maintenance of communal harmony, etc.

{InfoMedia} The Lokpal: the due bill expences

{Syllabus} MP PSC: Prelim and Mains Syllabus

{InfoMedia} Economy: Comparison of Income Equality including Gini coefficients

Further Reading: Click Here

{Current Affairs} Daily News Notes: 25th to 28th Jan, 2013

• Union Minister of Shipping presented a cheque of Rs.5 lakhs to Selvi Prema, daughter of Jayakumar, a Mumbai based Auto Driver from Villupuram District, Tamil Nadu, who has topped in the recently held All India Chartered Accountancy Exam. 

{News Notes} Daily News Notes: 15th to 24th Jan, 2013

{News Notes} Daily News Notes: 9th to 14th Jan, 2013

• Close on the heels of the border skirmishes in Kashmir valley, Pakistani troops have crossed the LoC and killed 3 soldiers of the Indian Army and injured two. According to the sources, men of the Pakistani regular contingent wore black combat uniform and the ambush had been laid 600 metres inside Indian territory. “Pak army troops, having taken advantage of thick fog & mist in the forested area, were moving towards our posts when an alert area domination patrol spotted and engaged the intruders. The firefight between Pak and own troops continued for approximately half an hour after which the intruders retreated back towards their side of Line of Control. Two soldiers Lance Naik Hemraj and Lance Naik Sudhakar Singh laid down their lives while fighting the Pak troops” it added. The Pakistani offensive came two days after Islamabad complained about the death of a soldier in the Indian troops’ firing in Poonch-Uri belt. India said the jawans undertook “controlled retaliation” in response to unprovoked Pakistani firing.
• Soon after Pakistan Foreign Minister Hina Rabbani Khar stressed on Thursday that Islamabad had no intentions of escalating tensions with India over recent violations in the Line of Control (LoC) ceasefire agreement, the Pakistan Army claimed another soldier had been killed in cross-border firing by India in the afternoon. Meanwhile, Pakistan has approached the United Nations Military Observers Group in India and Pakistan to investigate the ceasefire violations. Optimistic about the peace process weathering this storm, the Minister said: “Because of some unnecessary statements, [negative] atmospherics were created which I hope both countries will show their commitment to correct. If we have a mechanism to face such challenges, then as a responsible country we should revert to those mechanisms that exist so that we can continue with our relations as normal neighbours.” As to the inferences being drawn by the Indian media between the Lashkar-e-Taiba and the Pakistan army, Ms. Khar said the government of Pakistan would not respond to the unofficial statement that came out of India.
• India has rejected Pakistan’s proposal for a United Nations probe into the chain of killings along the Line of Control (LoC) that began on Sunday morning and led to the killing of two Indian soldiers on Tuesday. The Indian response was to a Pakistani suggestion for investigating the incidents by the U.N. Military Observer Group in India and Pakistan (UNMOGIP) which is present on both sides of the LoC.
• The Chinese government said that it did not back “all-weather” ally Pakistan’s proposal for a U.N. probe, which India rejected on Thursday. Asked if China agreed with Pakistan’s call, it said: “As a neighbour and friend of both India and Pakistan, we sincerely hope that the two countries properly and calmly resolve the dispute through dialogue and consultation, so as to maintain peace and stability in South Asia.” While China’s close military ties with Pakistan have historically been a source of distrust in India-China relations, officials and analysts here say the Chinese government will continue to adhere to its stated policy in the past two decades of not involving itself in disputes between the countries. However, India has, in the recent years, objected to Chinese investments in infrastructure projects in Pakistan-occupied Kashmir, which Beijing has continued — arguing that its interests were “purely commercial” — despite New Delhi’s protests. India has, for its part, responded by stepping up its involvement in exploration projects in the South China Sea.
• “Disappointed over the continuing pattern” of ceasefire violations along the Line of Control (LoC), Pakistan on Friday increased its scale of protest and “summoned” Indian High Commissioner Sharat Sabharwal to the Foreign Office while reiterating its resolve to remain invested in the peace process. Simultaneously, Pakistan has begun contacting other countries through their diplomatic missions in Islamabad to present its case and enlist their help in de-escalating tension along the LoC. And though New Delhi has made clear its position on an enquiry by the United Nations Military Observers Group in India and Pakistan (Unmogip), Foreign Secretary Jalil Abbas Jilani reiterated that this was the only available mechanism to establish the truth about the ceasefire violations.
• Defence Minister A.K. Antony said on Friday that India had enough firepower on the border to take care of any situation and described the beheading of an Indian soldier on Tuesday as a “turning point.” India requested a brigadier-level flag meeting on a day when the Pakistan Foreign Office summoned High Commissioner Sharat Sabharwal to complain about the firing purportedly from the Indian side of the LoC that killed a Pakistani soldier on Thursday.
• Even as fresh firing was reported along the Line of Control on Sunday evening, Pakistan agreed to attend a flag meeting in Poonch area of Jammu region on Monday. At the flag meeting, the Indian side is expected to strongly protest the Pakistani intrusion and the beheading of a soldier and demand the return of the severed head believed to have been carried by Pakistani army regulars as a trophy.
• The Brigade-level flag meeting between Indian and Pakistani authorities at Chakan Da Bagh near the Line of Control in Poonch on Monday afternoon ended without any breakthrough. Brig. Sandhu made it clear to the other side that India reserved the “right to retaliate” until there was publicly an apology besides returning of the severed head of Lance Naik Hemraj and the weapons looted from the two slain soldiers. He also demanded an assurance that there would be no repeat of such an “unprecedented and unprofessional heinous act” and made it clear that the Indian Army would respond to such a violation of the November 2003 ceasefire with “appropriate and quick response”. Sources said that, contrary to expectations, there was no discussion on restoration of cross-LoC trade and travel that remains suspended since January 10. As many as 65 trucks loaded with perishables have been returned to Poonch and Rajouri and over a hundred passengers have been stranded on either side of the LoC in the Jammu-Poonch sector on the Indian side and the Hajeera-Rawalakote area across the border.

{GK-GS} Economy: Taxation in India

Introduction:

·         Central Government levies taxes on income (except tax on agricultural income, which the State Govt. can levy), customs duties, central excise and service tax.

·         Value Added Tax (VAT), stamp duty, state excise, land revenue and profession tax are levied by the State Governments.

·         Local bodies are empowered to levy tax on properties, octroi and for utilities like water supply, drainage etc.

{News Notes} Daily News Notes: 7th & 8th Jan, 2013

• Justice D. K. Jain, Judge, Supreme Court of India, will be the Chairman of the 20th Law Commission of India. The Twentieth Law Commission was constituted through a Government Order with effect from 1st September, 2012. It has a three-year term ending on 31st August, 2015.  The Terms of Reference of the 20th Law Commission include the following: [1.] Identify laws which are no longer needed or relevant and can be immediately repealed; [2.] Identify laws which are not in harmony with the existing climate of economic liberalization and need change; [3.] Suggest suitable measures for quick redressal of citizens grievances, in the field of law; [4.] Examine the Laws which affect the poor and carry out post-audit for socio-economic legislations; [5.] Keep under review the system of judicial administration to ensure elimination of delays, speedy clearance of arrears and reduction in costs so as to secure quick and economical disposal of cases without affecting the cardinal principle that decision should be just and fair; [6.] Simplification of procedure to reduce and eliminate technicalities and devices for delay so that it operates not as an end in itself but as a means of achieving justice; [7.] Examine the existing laws in the light of Directive Principles of State Policy and to suggest ways of improvement and reform corresponding laws; [8.] Examine the existing laws with a view for promoting gender equality and suggesting amendments thereto.

{News Notes} Daily News Notes: 6th Jan, 2013

• The Prime Minister will lay the foundation for the 20,000 crore rupees BPCL Kochi Refinery expansion project tomorrow. The Project envisages increasing the refining capacity of the Refinery from the current level of 9.5 million metric tonnes to 16.5 million metric tonnes per annum, at a cost of 14,000 crore rupees. It also involves a 6,000 crore rupee diversification project of the Refinery into the petrochemical field.

{News Notes} Daily News Notes: 1st to 5th Jan, 2013 - Happy New Year

• Center has appointed renowned economist and public finance expert Urjit Patel as a Deputy Governor of the Reserve Bank of India (RBI), putting an end to weeks of speculation over who would fill the position left vacant by the exit of Subir Gokarn, whose term ended Monday. Patel presently is working as a non-resident senior fellow at the Brookings Institution, a US-based think-tank. He is also a consultant to the Boston Consulting Group.

{GK-GS} Economy: Economic terms and definitions

{News Notes} Daily News Notes: 26th to 31st Dec, 2012

{InfoMedia} WAD: The year ahead 2013

Topic Covered:

• Germany Election;
• Growth Rate;
• IPCC Report on Climate Change;
• Where to born in Twenty-13.

{Interview} Guidelines-Bank: Prepare yourself for IBPS interview

Dress for a Banking Job

It is a perception that first impressions mean everything, and this is especially true in the workplace. In a professional setting like a banking job, dressing properly is important, and you should follow a few basic steps to dress for success in a banking job.

• Dress for Success. Dress conservatively. This is always the safest bet when dressing for any job interview, and it will likely be the most appropriate in the banking world since most bank environments adhere to a business professional or business casual dress code.
• Check your outfit for holes, tears, stains, scuffs or wrinkles.
• Tone down the use of makeup, hair spray and perfume. However, inspect your hair, nails, and hems. Brush your hair, and make sure your hands and nails are clean. Make sure your breath is fresh.
• Minimize jewelry and accessories. An excessive amount of large or flashy accessories could might not be taken seriously or could send an image of unprofessionalism.
• Ensure that everything you choose to wear is clean and neat before wearing it. Make time in your morning routine or the night before to iron clothes and polish dress shoes. These details can make all the difference in how you are perceived.
• Conceal any visible tattoos or excessive piercings. These may be a form of self-expression, but they are still considered inappropriate and unacceptable for working in many professional banking jobs.
• Take any feedback or suggestions made regarding your attire by your peers or your parents into consideration. For example, if your parents notes that the shoes you are wearing look a bit too much like tennis shoes for the banking environment, consider replacing them with a more professional looking pair. This will both ensure that your parents  and banking managers know that you are heeding their advice and also that you are maintaining the level of professional appearance that is appropriate for your particular banking job.

Timing for the Interview:

You should appear for the interview at least a half-hour early, bringing with you all of the documentation required. Review the instructions given to you on your interview invitation to ensure you are bringing the documents and certificates requested, as these will be verified before you are seen by the interview panel.

Medium of language in Bank Interview:

Many aspirants are now asking about the medium of language in the interviews, for the forthcoming banking interviews, what should be their medium while replying to interviewers questions, it should be in Hindi or it should be in English? It’s a very common query but an important one. Over a period we have seen that in Bank PO or Bank Clerk interviews, medium does not really make any difference. Important thing is clarity of thoughts and correct reply. Even if you are not aware of answers of a few questions, it is not going to make any difference. So, you should prepare for your interviews in the medium in which you are strong. Even a mix of Hindi & English also works. So start your preparation and it would be wise to prepare structured answers of few of the common questions.

The main qualities that the interviewer look for the candidate are:

• Level of knowledge the candidates possesses.
• Conceptual understanding of issues
• Clarity of thought 
• Communication skill
• Planning of career
• Basic personality 
• Reacting to a situation

Questions to be prepared in advance:

Introduce Yourself

• The interviewer can ask you to provide a description of yourself. Do not state your gender, age or personal interests when answering, but keep the information relevant to the banking position. Focus on your math or finance background, a brief explanation of your previous jobs and responsibilities, and why you have a passion for this particular field, whether teller or banking manager.

Previous Work and Responsibilities

• The employer may ask you to discuss some of your previous responsibilities and roles with past employers. Focus on the duties and roles that apply directly to the position you are interviewing for at the bank. Highlight your experience with counting and handling money, completing customer requests, and transferring funds from one account to another.

Enjoyment

• The interviewer wants to find a candidate who genuinely enjoys the work. A common question during a telephone interview is for you to define what you enjoy about working at a bank. Include aspects of the job that appeal or excite you, so the employer recognizes your passion. Examples include working with banking customers and providing advice and feedback about account information.

Knowledge of the Bank

• One question that will reveal how much research you have done is why you want to work at the bank. Rather than focusing on the specific position, the interviewer wants to know what you know about the bank, its role in the market, any mergers or investments the bank is known for and how wide the client base is. Some answers can include comparing the bank to other banks in the area, but only if it highlights the bank as being the better option for employment.

Applying at the Bank

• Although you may know many details about the bank, the employer wants to know why you are interested in the specific banking position (why PO, why not SO or Clerk). Focus on what you can offer the employer and bank as a whole by using examples from your education, achievements or previous employment roles.

  Technical Knowledge

  • The interview given to candidates who have successfully passed the PO exams can be technical in nature. As a candidate you should focus on being able to answer questions on standard banking terms such as statutory liquidity ratio, repurchase rate, bank rate and maturity transformation. Be prepared both to define terms and to discuss their significance in banking practice and transactions.

  Historical Events and Current Affairs

  • You should also be prepared to demonstrate that you are knowledgeable about the history of the Indian Banking Sector and of banking in India generally, and have a grasp of important historical dates. You should review Indian history during and since the freedom struggle to show your general knowledge. Make yourself aware of recent banking developments and any specific events of importance to the Indian Banking Sector in recent months, such as awards or regulatory changes.

    Let Your Personality Shine

    • Although prior banking experience is always a plus, most banking executives want to hire a team player with a positive attitude. The banking business is changing, trending toward being a more customer sales and service industry. Most bankers understand that product knowledge can be taught, but attitude and personality cannot During the meeting, show your interviewer that you are a team player and are willing to go above and beyond expectations to get the job done right. During the interview, maintain an engaged and interested appearance so the interviewer understands that you are listening to him.

      
      

      Some more Guidelines:

      
      

      • Exude confidence. Stand up straight. Make eye contact. Offer a firm handshake. These simple steps can show the interviewer that you feel confident in your ability to handle the job and yourself.
      • Make small talk. Ask the interviewer how they're doing or mention the weather. Small talk is a great way to break the ice and give the two of you a moment to relax before the real questions begin.
      • Be honest. Most interviewers know when a person is lying to them and will make a mental check to not hire you. Even if you get away with the lie in the initial interview, you will eventually be caught in the lie in the future, which would be even more embarrassing.
      • Demonstrate your knowledge. 
      • Be friendly.
      • Don't slouch during the interview.
      • Don't talk over the interviewer.
      • Prepare questions to ask your interviewer in advance. Inevitably, you will be asked if you have any questions at the end of the interview. Many interviewers expect serious applicants to come prepared with specific questions about the bank or the position. Make sure that your questions are relevant to the position. You could ask about advancement opportunities within the company or additional details about the duties and expectations of the position. Avoid asking about salaries and pay rates at interview.
      • Create a mental or written list of examples in your personal life or work history when you had to resolve a conflict between friends or with a customer, report a friend or co-worker to authorities for inappropriate behavior, times when an employer or customer was especially pleased with your work, and your ability to work as a team player. The main characteristics that are important to bank employers are honesty, customer service and the ability to work well with others. Your interviewer will ask questions regarding these characteristics. They will either be direct or “example” questions. Direct questions could be answered with a "yes" or "no"; however, you should provide examples to support your answer. Example questions ask you to provide an example of how your handled or would handle a specific situation
      • Practice before you go to your interview. Sit or stand in front of a mirror and talk about yourself as if you were talking to your interviewer. Watch yourself as you speak and practice looking yourself in the eyes. If you tend to look down or away, take notice and force yourself to correct the problem. Also, pay attention to how fast you speak. You will likely be somewhat nervous when interviewing. Practice speaking at a normal pace and volume so that you will recognize and correct rushed, mumbled or unintelligible speech once you are at the interview.
      • Express a desire to grow. Employment at a bank offers many opportunities for growth.

{Interview} Topper's Experience-Bank: Anonymous

Why do you want to enter banking?

Banking is one of the fastest growing sectors in India with more stable and high growth and more over providing wide range of career opportunities for graduates. So I want to take an opportunity to join in a bank.

Have you applied to any other areas apart from banking?

No.

What is the difference between Cheque and Demand Draft?

Both are used for transfer the amount b/w two accounts of same or different Bank. Cheque is written by an individual and withdrawn from the account whereas Demand draft is issued by a bank where you have to pay before issuing.

What are NBFCs and difference between NBFCs and Bank?

Non-bank financial companies (NBFCs) are financial institutions that provide banking services, but do not hold a banking license. NBFCs do offer all sorts of banking services, such as loans and credit facilities, retirement planning, money markets, underwriting, and merger activities. These institutions are not allowed to take deposits from the public.

What is Free Market economy?

A market economy based on supply and demand with little or no government control is said to be free market economy.

What are the functions of Nabard?

National Bank for Agriculture and Rural Development(NABARD) is one of the premiere agency to provide credit in rural areas. It provides credit flow for the development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.

Is there any specialized company for home finance in India?

National Housing Bank (NHB)

Do you think that you are over qualified for this position?

No, I don’t think so, but I am very well qualified for this position.

2 years down the line if you would be offered 50k or 70k by other organization, Will you leave this organizations? If not why?

Answered

What is National Electronic Fund Transfer system (NEFT)? What is the difference between RTGS and NEFT?

National Electronic Fund Transfer (NEFT) is an online system for transferring funds of Indian financial institution (especially banks). This facility is used mainly to transfer funds below Rs. 1,00,000. The Reserve Bank of India has instructed banks that they should not use RTGS for amounts below Rs 1 lakh.

The key difference between RTGS and NEFT is that while RTGS is on gross settlement basis, NEFT is on net settlement basis. The minimum transaction value for RTGS is Rs. 1,00,000, whereas there is no minimum value for NEFT.

What is Private Banking?

Banking services offered to high net-worth individuals. Private banking institution assists the high net-worth individual in investing his/her money in exchange for commissions and fees. The term "private" refers to the customer service being rendered on a more personal basis.

What is an Investment Bank and Commercial Bank and what is the difference between them?

Investment Bank: A financial institution that deals primarily with raising capital, corporate mergers and acquisitions, and securities trades. It aids companies in acquiring funds.

Commercial Bank: An institution which accepts deposits, makes business loans, and offers related services. Commercial banks also allow for a variety of deposit accounts, such as checking, savings, and time deposit. These institutions are run to make a profit and owned by a group of individuals.

A Commercial bank is commonly referred to as simply a bank. The term ‘Commercial’ is used to distinguish it from an investment bank. The term ‘Commercial’ is used to refer to any banking organization or division that deals with the deposits and loans of business organizations.

Difference: Traditionally, banks either engaged in commercial banking or investment banking. In commercial banking, the institution collects deposits from clients and gives direct loans to businesses and individuals. Through investment banking, an institution generates funds in two different ways. They may draw on public funds through the capital market by selling stock in their company, and they may also seek out venture capital or private equity in exchange for a stake in their company. Examples of Investment Banks: Bank of America, J P Morgan Chase, Citigroup.

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