NEFT AND RTGS( BANK WORDS)

NEFT – National Electronic Fund Transfer

NEFT stands for National Electronic Fund Transfer & it was launched in November 2005 by RBI. It's a system of transfer between two banks on net settlement basis. Which means that each individual transfer from one account to another account is not settled or processed at that same moment, it’s done in batches. A lot of transactions are settled in one go in each batches. Presently, NEFT services are available from 8:00 am to 6:30 pm on weekdays (Mon – Fri) and from 8:00 am – 12:30

pm on Saturday. Any NEFT Transfer done between 8 am – 5 pm generally gets settled on the same day, but if you deposit the money after 5 pm, then that will be settled the next working day. In case of Saturday, any money deposited between 8 am – 12 noon can be expected to reach the beneficiary account the same day.

NEFT Transfer Example

For example: Ramesh has Axis Bank account and Suresh has a bank account in Union bank , Now Ramesh deposits Rs 50,000 in Suresh's account through NEFT transfer at  10:00 am . The money will be then taken out from Ramesh's Axis Bank Account and will be sent to  Suresh's Union bank the same day, then Union bank will credit Suresh's bank account. In case money can not be transferred to the target account (beneficiary account) , the money will be credited back to the source branch within 2 hours of the batch in which it was processed.

RTGS – Real Time Gross Settlement

RTGS stands for Real Time Gross Settlement and its a system of money transfer between two banks in real time basis, which means the moment one bank account

transfer the money to another bank account, its settled at that time itself on real time basis between the banks, but the beneficiary bank has to make the final settlement to the bank account within two hours of getting the money. RTGS is the fastest possible money transfer between two banks in India through a secure channel.  ‘Real-time’ means that the payment transaction isn’t subject to any waiting period. The transaction will be completed as soon as the processing is done, and gross settlement means that the money transfer is completed on a one to one basis without clustering with another transaction.

RTGS Transfer Example

Say Vivek has a SBI Bank account and Deepak has an ICICI Bank account, Vivek transfers Rs 10 lacs to Deepak's account through RTGS transfer, SBI instantly transfers Rs 10 lac to ICICI Bank, now ICICI bank has 2 more hours to deposit it in Vijay’s account . Hence in worst case even with RTGS transfer there can be delay of 2 hours.

Differences

The fundamental difference between RTGS and NEFT, is that while RTGS is based on gross settlement, NEFT is based on net-settlement. Gross settlement is where a transaction is completed on a one-to-one basis without bunching with other transactions. As for a Deferred Net Basis (DNS), or net-settlement, this is where transactions are completed in batches at specific times. Here, all transfers will be held up until a specific time. RTGS transactions are processed throughout the working hours of the system.

RTGS transactions involve large amounts of cash, basically only funds above Rs 100,000 may be transferred using this system. For NEFT, any amount below Rs 100,000 may be transferred, and this system is generally for smaller value transactions involving smaller amounts of money. RTGS processes in real-time (‘push’ transfer), while NEFT processes in cycles during the given working day. This causes a NEFT transaction that is initiated later than the last cycle to be completed the next day.

NEFT Charges

Amount	Charges
Up to 10,000	Rs. 2.5
Above 10,000 to 1 lacs	Rs. 5
Avove 1 lacs- upto 2 lacs	Rs. 15
Above 2 lacs	Rs. 25

RTGS Charges

Timings	Amount	Charges
9.00 am to 12 noon	2-5 lacs	Rs. 25
	Above 5 lacs	Rs. 50
After 12 noon to 3.3.0pm (upto 12.30pm on Saturday)	2-5 lacs	Rs. 26
	Above 5 lacs	Rs. 51
After 3.30 pm	2-5 lacs	Rs. 30
	Above 5 lacs	Rs. 55

Timings & Minimum Amount

	Monday to Friday	Saturday	Minimum Amount
NEFT	8.00am to 6.30 pm	8.00am to 12.30 pm	No minimum
RTGS	9.00am, to 4.30pm	9.00am to 1.30 pm	2 lacs

Revenue Department ---ACTS---RULES---G.Os

http://apland.ap.nic.in/cclaweb/revenueacts.htm

GOVERNORS-GENERAL AND VICEROYS OF INDIA 1858-1947

Governors-General and Viceroys of India, 1858–1947

Sl No.	Name	Tenure
1	Lord Canning	1858-1862
2	Lord Elgin	1862-1863
3	Sir Lorence	1864-1869
4	Lord Mayo	1869-1872
5	Lord Northbrook	1872-1876
6	Lord Lytton	1876-1880
7	Lord Rippon	1880-1884
8	Lord Dufferin	1884-1888
9	Lord Lansdowne	1888-1894
10	Lord Elgin II	1894-1899
11	Lord Curzon	1899-1905
12	Lord Minto II	1905-1910
13	Lord Hardinge	1910-1916
14	Lord Chelmsford	1916-1921
15	Lord Reading	1921-1926
16	Lord Irwin	1926-1931
17	Lord Willingdon	1931-1936
18	Lord Linlithgow	1936-1943
19	Lord Wavell	1943-1947
20	Lord Mountbatten	1947(March 13-Aug 14)

The title of Viceroy was abandoned when India and Pakistan gained their independence in 1947, but the office of Governor-General continued to exist in both new dominions until they adopted republican constitutions in 1950 and 1956 respectively. 

Governors-General of the Union of India, 1947–1950            

Sl No.	Name	Tenure
1	Lord Louis Mountbatten	1947(Aug 15)- 1948 (June 20)
2	C.Rajagopalachari	1948(June21)- 1950(Jan25)

Latest Current Affairs- June 2013

Q1. Who is the winner of 2013 French open men's title?

Ans. Rafael Nadal

Q2. World Blood Donor Day was observed on 14 June 2013 across the world. What was the theme selected for this year?

Ans. Give the Gift of Life: Donate Blood.

Note: This day is observed every year on 14 June with an aim of creating a worldwide culture of voluntary blood donation.

Q3. Recently BSNL decided to put an end to one of the communication system being offered by it, which 160 years old. Name it?

Ans. Telegram Services

Q4. World Day against Child Labour was celebrated on 12 June 2013. What was the theme this year?

Ans. No to Child Labour in Domestic Work.

Q5. Which team won the Men's Doubles Title at French Open 2013?

Ans.  Bob and Mike Bryan (USA)

Q6. Name the new software unveiled by Apple for its computers, smartphones and tablets on 9 June 2013? -http://currentaffairs4examz.blogspot.in/

Ans.  iOS7

Q7. Name the Indian who clinched the Thailand Open Grand Prix Gold Badminton trophy on 9 June 2013?

Ans. Srikanth K

Q8. Who on 10 June 2013 won the Canadian Grand Prix racing?

Ans. Sebastian Vettel

Q9. Where will the Asian Athletic Championship 2013 be held from 3 to 7 July 2013?

Ans. Pune, Maharashtra

Q10. Name the Indo-Russian military exercise which is scheduled to take place in October 2013 at Mahajan field firing range of Rajasthan?

Ans. INDRA 2013

Q11. Indian Railways on 11 June 2013 decided to start offering train tickets via mobile phones through which service?

Ans. SMS

Q12. Name the online mapping service bought by  Google in the month of June 2013?- http://currentaffairs4examz.blogspot.in/

Ans. Waze

Q13. Apollo Tyres Announced Acquiring ......................... company for 14500 Crore, recently?

Ans. Cooper Tire & Rubber Company

Note: This is the third crucial foreign acquisition of Apollo Tyres. The first two were Dunlop South Africa for 290 crore Rupees which took place in 2006 and Netherlands-based Vredestein Banden BV in the year 2009.  

Q14. The Government of Pakistan on 14 June 2013 decided to declare which place as a holy city?

Ans. Panja Sahib

Q15. The Union Government of India on 12 June 2013 announced that it has set a target to achieve ............... percent literacy rate in the country by 2017?

Ans.  80

Note: The literacy rate of the country at present is 74 percent.

Q16. Name the new feature announced by Facebook on 12 June 2013 which are basically the number signs used on services such as Instagram and Twitter for identification of topics for discussions?- http://currentaffairs4examz.blogspot.in/

Ans. Hashtags

Q17. Name the former Union Minister and Congress veteran from Chhattisgarh who passed away on 11 June 2013, being a victim of Maoist attack on group of Party leaders on 25 May 2013 in Chhattisgarh?

Ans. VC Shukla

Q18. Name the co-owner of  Rajasthan Royals who was suspended by BCCI for betting in IPL VI?

Ans. Raj Kundra

Q19. Name the banks which were penalised by RBI for violation of KYC norms and anti-money laundering guidelines recently?

Ans. Axis Bank, HDFC Bank and  ICICI Bank

Q20. Name the Carnatic vocalist who passed away on 9 June 2013 in her hometown Udupi?

Ans. Ranjani Hebbar Guruprasad

Q21. Dubai in the first week of June 2013 inaugurated the tallest twisted tower of the world. Name it?- http://currentaffairs4examz.blogspot.in/

Ans. Cayan Tower

Ans. It was built  at the cost of 272 million US dollar. Earlier it was called the Infinity Tower. It was inaugurated in Dubai Marina.

Q22. Name the 24 hours news channel launched by Media firm TV18 Broadcast on 13 June 2013 in UK?

Ans. News18 India

Q23. As per the data released on 12 June 2013, Retail inflation stood at .................. per cent in May 2013?

Ans. 9.31

source:currentaffairexamz.blogspots

Some useful General Knowledge Questions for Competitive Exams

1. Which of the following countries recently signed a ‘Ceasefire agreement’ with ‘Karen Rebels’?

(a) China (b) Libya (c) Myanmar (d) Nepal (e) Egypt

Ans- (C)

2. Which of the following countries has recently decided to fix the term of the President of the country for 7 years?

(a) Iraq (b) Myanmar (c) Nepal (d) Libya (e) Turkey

Ans- (E)

3. India recently decided to purchase fighter planes from France. Which of the following is the name of these planes?

(a) Rafale (b) Boeing (c) MiG-35 (d) Lockhead Martin (e) Cassadion

Ans- (A)

4. India is now declared free from which of the following diseases after a long battle against it?

(a) AIDS (b) TB (c) Cancer (d) Polio (e) All of these

Ans- (D)

5. India recently decided to give US $ 1.5 million to which of the following countries to establish Vivekanand Chair in one of its Universities?

(a) France (b) Britain (c) Russia (d) Italy (e) USA

Ans- (E)

6. Which of the following countries is likely to join European Union in the near future ?

(a) Malta (b) Croatia (c) Hungary (d) Kenya (e) South Africa

Ans- (B)

7. Which of the following schemes is launched by the Govt. of India to develop various facilities in rural areas?

(a) IRDP (b) NHRM (c) PPP (d) Operation Flood (e) None of these

Ans- (C)

8. Indian coastguard conducted a joint exercise named ‘Sahyog-Kaijin-XI’ with which of the following countries?

(a) Myanmar (b) Russia (c) China (d) Sri Lanka (e) Japan

Ans- (E)

9. Who among the following won the Thailand Golf Championship held in December 2011?

(a) Lee Westwood (b) Charl Schwartzel (c) Alvaro Quiros (d) Paul Lawrie (e) Peter Hanson

Ans- (A)

10. India wants a ‘CEPA’ with Thailand – was the news in major newspapers. What is the full form of ‘CEPA’ as used here?

(a) Complete Economic Preference Agreement

(b) Cultural and Economic Partnership Accord

(c) Comprehensive Economic Partnership Agreement

(d) Cooperation and Economic-Partnership Accord

(e) Complete Economic Partnership and Assistance

Ans- (C)

11. European Union recently decided to enforce European Stability Mechanism (ESM) w.e.f. July 2012. ESM is a system to achieve / safeguard–

(a) financial stability (b) political stability

(c) free access to oil reserves in UAE and Kuwait

(d) free access to uranium reserves in Libya

(e) interests of all the members in case of attack by Iran or any other country

Ans- (A)

12. Kovvada Nuclear Power Plant which was recently in news is being set up in–

(a) Karnataka  (b) Andhra Pradesh (c) Chhattisgarh (d) Uttarakhand (e) Odisha

Ans- (B)

13. Mullaperiyar Dam is built on which of the following rivers?

(a) Tungbhadra (b) Cauvery (c) Krishna (d) Periyar (e) Mahanadi

Ans- (D)

14. Which of the following countries is not a member of the Organization of Petroleum Exporting Countries(OPEC)?

(a) Nigeria (b) Iran (c) Iraq (d) Algeria (e) Bangladesh

Ans- (E)

15. Which of the following books is written by Steve Waugh ?

(a) Out of My Comfort Zone : The Autobiography (b) My Life (c) Wings of Fire

(d) Long Walk to Freedom (e) Revolutionary Wealth

Ans- (A)

16. Which of the following organizations/agencies recently issued elaborate guidelines pertaining to the creation of new category of Non Banking Finance Companies (NBFC)-Micro Finance Industries ?

(a) AMFI (b) SIDBI (c) SEBI (d) NABARD (e) RBI

Ans- (E)

17. Which of the following organizations / agencies coordinates the operations of rural credit institutions in India ?

(a) Reserve Bank of India (b) Securities and Exchange Board of India

(c) Indian Bank Association (d) National Bank for Agriculture and Rural Development

(e) Small Industries Development Bank of India

Ans- (D)

18. Google is–

(a) Virus programme (b) Search engine (c) Website  (d) Hardware (e) None of these

Ans- (B)

19. Which of the following is not a function of the Reserve Bank of India ?

(a) Issuer of currency (b) Foreign Exchange Management

(c) Bankers to Banks (d) Listing companies for trading in Stock Exchanges

(e) Bankers and Debt Manager to Govt.

Ans- (D)

20. Which of the following organizations issued Initial Public Offer (IPO) Norms for Life Insurance Companies?

(a) CRISIL (b) SEBI (c) RBI (d) AMFI (e) IRDA

Ans- (E)

21. Which of the following states is at the top in the Child Rights Index, compiled in India for the first time?

(a) Maharashtra (b) Kerala (c) Gujarat  (d) Tamil Nadu (e) Rajasthan

Ans- (B)

22. Which of the following countries won Davis Cup Tennis Tournament 2011 ?

(a) Australia (b) Argentina (c) Germany (d) France (e) Spain

Ans- (E)

23. Which of the following metals used in Nuclear Power Plants will be imported from Australia?

(a) Plutonium (b) Uranium (c) Thorium (d) Curium (e) Zirconium

Ans- (B)

24. Standard and Poor, better known as S&P, is a/the–

(a) Financial market intelligence agency (b) Central Bank of USA

(c) Large multinational bank (d) Body set up by the United Nations Organisation

(e) Intelligence wing of the World Bank

Ans- (A)

25. Thomas J. Sargent and Christopher A. Sims are the two recipients of Nobel prize 2011 in the field of–

(a) Physics (b) Economics (c) Chemistry (d) Literature (e) Medicine

Ans- (B)

26. The home of who among the following is named as Malgudi Home?

(a) Satyajit Ray (b) Shivram Karanth (c) R. K. Narayan (d) M. G. Ramachandran (e) H. D. Deve Gowda

Ans- (C)

27. Shanti Swarup Bhatnagar Awards are given for exemplary work in the field of–

(a) Sports (b) Journalism (c) Literature (d) Social Service (e) Science and Technology

Ans- (E)

28. Which of the following states has become first in India to have a ‘Carbon Inventory’ giving its total carbon emission from various sectors?

(a) Himachal Pradesh (b) Maharashtra (c) Gujarat  (d) Kerala (e) Tamil Nadu

Ans- (A)

29. As per newspaper reports how, much FDI is allowed in pension sector?

(a) 15% (b) 33% (c) 41% (d) 51% (e) None of these

Ans- (E)

30. ‘Agha Khan Cup’ is associated with the game of–

(a) Football (b) Hockey (c) Badminton (d) Cricket (e) Horse Racing

Ans- (B)

31. What does the letter ‘C’ denote in the UNICEF a well-known organization operating at global level ?

(a) Credit (b) Children (c) Control (d) Cooperation (e) Crisis

Ans- (B)

32. Which of the following is India’s most advanced long range missile capable of carrying nuclear warheads?

(a) Khukri (b) Basant (c) Agni-IV (d) Vijayant-IlI (e) Sindhudurg-II

Ans- (C)

33. Who among the following was one of the recipients of the Padmashri award in 2012?

(a) Anup Jalota (b) Shabana Aazmi (c) Aruna Irani (d) Leander Paes (e) Vidya Balan

Ans- (A)

34. Dr. Manmohan Singh unveiled the foundation stone of National Institute of Technology in which of the following places in Manipur?

(a) Bishnupur (b) Thoubal (c) Imphal (d) Senapati (e) Ukhrul

Ans- (C)

35. Mario Monti has taken over as the Prime Minister of–

(a) Greece (b) New Zealand (c) Russia (d) Italy (e) None of these

Ans- (D)

36. Arab countries recently decided to impose Sanctions on which of the following countries as it has failed to check violence on its land ?

(a) Egypt (b) Kuwait (c) Syria  (d) Lebanon (e) Iran

Ans- (C)

37. Kangaroos won the last and final match to win series—was the news in some news papers some-times back. This means which country won the match and the series ?

(a) New Zealand (b) England (c) West Indies (d) Australia (e) South Africa

Ans- (D)

38. ‘Calorimeter’ is an instrument used to measure–

(a) Electric current (b) Heat (c) Velocity of sound (d) Altitude (e) Atmospheric pressure

Ans- (B)

39. Which of the following countries is not a member of newly formed Eurasian Union?

(a) Russia (b) Belarus (c) Kazakhstan (d) Croatia (e) All are members of Eurasian Union

Ans- (D)

40. Govt. of India recently decided to allow more FDI in retail. This means which of the following companies will be benefitted by this decision ?

(a) Wal Mart (b) Hindalco (c) Infosys (d) Air India (e) Glaxo Smithkline Pharma

Ans- (A)

41. Which of the following states has decided to launch Right to Play Act in the state to promote sportsmanship in its children and youth ?

(a) Delhi (b) Uttar Pradesh (c) Haryana (d) Maharashtra (e) Gujarat

Ans- (C)

42. ‘Dhamra’ where an all weather port is developed, is in which of the following states ?

(a) West Bengal (b) Odisha (c) Gujarat  (d) Maharashtra (e) Tamil Nadu

Ans- (B)

43. Miss Ivian Sarcos who was crowned Miss World 2011 is from which of the following countries?

(a) Russia (b) France (c) Brazil (d) Venezuela (e) Italy

Ans- (D)

44. Who among the following has written the novel ‘Mandra’ which was awarded prestigious ‘Saraswati Samman’ recently ?

(a) S. L. Bhyrappa (b) Vishwanath Prasad Tiwari (c) Nirmal Verma (d) Shrilal Shukla (e) Arun Sadhu

Ans- (A)

45. Which of the following countries is on its way to becoming a full-fledged member of the World Trade Organisation (WTO) ?

(a) India (b) Brazil (c) USA (d) Russia (e) Australia

Ans- (D)

46. Who among the following is one of the Deputy Governors of the RBI?

(a) Shri U. K. Sinha (b) Shri Subir Gokaran

(c) Dr. M. S. Ahluwalia (d) Shri Ranjan Mathai

(e) None of these

Ans- (B)

47. The Govt. of India recently signed a peace pact with United People’s Democratic Solidarity (UPDS). The, pact will bring peace in which of the following states?

(a) Bihar (b) Madhya Pradesh (c) Assam (d) Jharkhand (e) Maharashtra

Ans- (C)

48. Which of the following terms is associated with the game of Lawn Tennis?

(a) Heave (b) Volley (c) Spikers (d) Hoops (e) Pitch

Ans- (B)

49. As per newspaper reports what per cent of Govt. stake will be disinvested in Rashtriya Ispat Nigam Ltd. ?

(a) 5% (b) 7.5% (c) 10% (d) 12% (e) None of these

Ans- (C)

50. ASHA is a part of which of the following schemes launched by the Govt. of India?

(a) Operation Black Board (b) Mid Day Meal Scheme

(c) National Old Age Pension Scheme (d) National Rural Health Mission

(e) Bharat Nirman

Ans- (D) 

source:currentaffairexam.blogspot