All You Need To Know About " NATIONAL AUTOMATED CLEARING HOUSE "

N - NATIONAL
A - AUTOMATED
C - CLEARING
H - HOUSE
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N--National
P--Payments
C--Corporation of
I--India
is an organization, which meant to consolidate and integrate the multiple systems with varying service levels into nationwide uniform and standard business process for all retail payment systems.

⚫The other objective was to facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion.

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⚫What is the difference between the ECS and NACH?
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⚫ In case of ECS, the process is manual. Hence, takes more time or verification issues. However, in NACH it is defined workflow, which reduces the time.

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⚫ In case of ECS, you will not get a unique mandate registration reference number. However, in NACH you get it and can be used for future reference.

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⚫In case of ECS, the possibility of higher rejection ratio. But due to less paperwork in NACH, rejection ratio is less.
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⚫ Settlement of payment, usually takes 3-4 days in ECS. But in case of NACH it will be settled on the same day.

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⚫There is no such dispute management system placed in ECS. However, in NACH it is well set and can be resolved issues easily.

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⚫ Registration of ECS usually takes around 30 days. But in NACH it is just 15 days.
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Ques?
Who are the participating banks?
⚫These are the live banks for which NACH is mandatory to adopt from 1st May, 2016. All core banking enabled banks are soon going to be part of this facility. Currently, all major banks are part of this NACH.

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Few other features of NACH facility are as below.
⚫Your NACH may get rejected due to an incorrect bank account, folio number or other incorrect details.
⚫It also gets rejected if the investor’s bank is not participating in NACH.
⚫You can stop NACH at any point of time by submitting the cancellation form.
⚫The default NACH mandate will be up to 31/12/2099.You can mention the frequency, amount and the date of last debit.  Also, can alter it at any point.

⚫You can register as many NACH as possible.
⚫There is no such limit.

ALL YOU NEED TO KNOW ABOUT " JALLIKATTU "

What is Jallikattu?

Jallikattu is Tamil Nadu’s one of the most popular festivals which is celebrated at the time of the harvest festival of Pongal. It is considered auspicious and significant all across the state and people wait with enthusiastic breath for its arrival. 
Basically, Jallikattu is a classic bull fight which involves the gruesome act of men fighting with fierce bulls to tame them.

Origin of Jallikattu

The origin of the Jallikuttu goes back to ancient times when men used to practice fight against ferocious bulls to prove their physical strength. The one purpose of this display of strength was that men could woo prosperous women who would pick their partners from the lot. 
With the progression of time, the sport became popular as a conventional activity during harvest. The linguist origin of the word Jallikattu goes to the words ‘calli’ (coins) and ‘kattu’ (tie). This gives the meaning that a bundle of coins is tied to the bull’s horns. 
In ancient times, the tamer fought to remove this bundle from the animal’s head to win gold or silver. He would be called ‘brave’ and ‘valourous’ and would also sometimes be rewarded with a bride.

What is the Supreme Court’s Verdict?

The sport was organized as a tradition till May 2014. Then the Supreme Court of India banned the organization of Jallikattu from all performances where the bulls were involved. The Supreme Court cited issues related to animal welfare. 
The government issued an order on January 8, 2016, exempting Jallikattu from all performances where bulls cannot be used. The Supreme Court’s judgment took a dramatic turn when in November 2016, the apex court dismissed the state government’s plea seeking review of its 2014 judgment.  
After that, the use of bulls for Jallikattu events in Tamil Nadu was effectively banned. The Tamil Nadu government has now made fresh efforts seeking reinstatement of the ancient sport. The case is still under trail at the Supreme Court. This year, the date of Pongal fell on 14 and 15 January. The JalliKattu supporters managed to organize the event despite Supreme Court’s verdict.

Arguments in Support of the Ban

The Supreme Court rejected the Tamil Nadu government’s plea seeking review of its 2014 verdict which we have discussed above. A bench of justices R F Nariman and Dipak stated that when a bull is tamed for the purpose of an event, the fundamental concept is against the welfare of the animal which is the basic foundation of Prevention of Cruelty to Animals Act. 
The bench of the Supreme Court rejected any association or connection of Jallikattu with the right of freedom of religion in Article 25.The apex court observed that there was an apparent inconsistency and frontal collision between the Tamil Nadu Regulation of Jallikattu Act, 2009 and Article 25.
The Animal Welfare Board of India (AWBI) mentioned unimaginable forms of tortures which are inflicted on the bull while the practice of bull taming. The tortures involve tail twisting and fracturing, pouring chemicals into the eyes, mutilating ears, poking the animal by sharp-edged weapons, and intoxicants forced into its mouth. All these and even more happen right under the watch of officials. Bulls are denied food, water or even space to stand.  
While the tormented bull takes flight, a common symptom of stress, from the “vadi vaasal” (the chamber from which it comes out), it meets an abusive crowd which hooks on to it in dozens of petty prizes such as garments and utensils.By considering all these aspects, the Supreme Court stated that not only does Jallikattu inflict unnecessary pain and suffering on the animal and thereby violate the PCA Act, but the whole sport in its present form has nothing to do with the traditional bull-taming of yore.

Tamil culture and tradition care for the wellbeing and welfare of the bull. The tradition and culture do not approve of infliction of any pain on the bull. The court also cited international rights jurisprudence to emphasize the necessity to correct anthropocentric views and the fact that animals too have the right to live dignified lives.

Arguments against the Ban

The main argument which was cited against the ban of Jallikattu stated that Jallikattu is a festival that has the root in religion and Jallikattu is an event that takes place after harvest. It was argued that Jallikattu has religious flavor and such an ethos cannot be disregarded.
Apart from it, an argument was advocated by the Centre that the ban should be lifted with certain restrictions. The notification issued by the center also said it will not only help in preserving the tradition but also remove cruelties inflicted upon the animal. 
The argument given in the favor of Jallikattu by the supporters is that the practice of JalliKattu protects the native breed of the bulls from going to extinction. Because it is believed that tendencies which are practiced in the Jallikuttu are are naturally found in the bulls. If they would be stopped from practicing their natural tendency, after a certain point that would put a hazard for the existence of that natural tendency. There are five or six breeds of bulls which are only found in Tamilnadu. They are on the verge of extinction. 
The Alambadi breed which is one of those native breeds has already been extinct. So the ban on the practice of Jallikattu would also deteriorate the presence of other native breeds of the bulls. And, Article 48 of the Indian constitution mandates that  the state shall endeavor to protect and preserve any native breeds in the country.

Way Forward

 It can be said that the Jallikattu debate is not only about animal welfare, but also about the institutional division of powers and responsibilities. The reasonable way forward of this controversy seems an option that the State Legislature of Tamil Nadu, with the assent of the President, should pass a law declaring certain key sections of the PCA inapplicable to the State of Tamil Nadu. This will solve three types of problems.

1. It will maintain the constitutional sanctity of the ordinance-making power of the Union Government, which has been challenged in the last decade by the majority
2.  It will set an exemplar by which the PCA does not banish traditional practices as a matter of principle but allows a nuanced, case-by-case solution of any conflict, at least in Tamil Nadu.
3. The federal democratic features of the Constitution would be supported with a decision on a local matter being taken by a nearby representative and local institution, instead of a remote one and an unelected one.

TIPS FOR STUDENTS TO GET INTO THEIR DREAM JOB AFTER GRADUATION

Here are the tips for the students looking for jobs:-

1.)The first thing is to move to a metro city with a single aim of hunting for a job. Just don’t waste your time there. There are hundreds of students go there and probably few of your friends are there. Join them for accommodation and start hunting from day one.

2.)Second thing there are hundreds of website offering job search and hunt help. Register in almost all of them. Complete the registration and track the recruitments. Don’t miss LinkedIn profiles, make connections there and hunt for HRs and mail them asking for jobs.

3.)Third thing is to find consultants who can arrange an interview for you with the companies. Don’t pay then in advance, tell them that you are a poor student will pay after your get the job. They have gone professionals and these days many companies use their services for recruiting employees.

4.)Fourth, don’t miss any news papers job special, like Times Ascent and The Hindu’s.Pick out the companies you want to attend interview and definitely go for tests and interviews.

5.)Fifth, figure out who among your friend and seniors are industry working in your domain. Don’t think that how do they feel when you call them after such a long time and only when you are in need. Just give a call and ask for some time for tea or a coffee. Visit their room and take recommendations and ask for referrals. Don’t disappoint if they are not very helpful, everyone have their own reservations.

6.)Fifth, figure out who among your friend and seniors are industry working in your domain. Don’t think that how do they feel when you call them after such a long time and only when you are in need. Just give a call and ask for some time for tea or a coffee. Visit their room and take recommendations and ask for referrals. Don’t disappoint if they are not very helpful, everyone have their own reservations.

To end, the idea is that everyone who is recruiting should have your CV in hand, and know you are looking for a job. Don’t waste your time and don’t get into bad habits.

Wish you all a great luck and future ahead.

80 BANKING AND FINANCE POINTS

●GDP – Gross Domestic Product.

●Bear and Bulls related to – Stock Market.

●SDR (Special Drawing Rights)  issued by – IMF.

●Financial Inclusion (वित्तीय समावेशन)-- Banking services to rural people termed.

●The details of the companies financial position in the annual report of a company is known as – balance sheet.

●Insurance companies regulate in India – IRDA (Insurance Regulatory Development Authority).

●The financial body which frames Monetary and Financial policy in India – RBI.

●RBI says Rupee Over valued, what it means -- The rupee has lost only against the dollar but appreciated against other currencies.

●.For preventing frauds and counterfeiting in a bank, RBI has proposed a scheme called – Know Your Customer (KYC).

●Organization deals with Fertilizer industry – IFFCO (Indian Farmers Fertiliser Cooperative Limited).

●FCCB stand for - Foreign Currency Convertible Bond.

●MAT stand for – Minimum Alternate Tax.

●Monetary Policy include - CRR and SLR.

●SME – Small and Medium Enterprises.

●Foreign exchanges are done in – US Dollars.

●Home loans are given to – Individuals.

●SME loans are given to – ALL Small Scale Industries(SSI).

●FCRA – Foreign Contribution Regulation Act.

●APEC – Asia Pacific Economic Cooperation.

●NPA – Non Performing assets.

●Basel II norms – Maintaining Capital Adequate ratio

●POS – Point of sale

●ECS – Electronic Clearing system

●The exchange of goods between the two or more countries is known as - FTA(Free Trade Agreement).

●Full form of TPF– Trade policy Forum.

●Credit Rating agency in India – CRISIL

●Stocks and bonds are trade – Capital Market

●Service Tax is Shared by – Central Government.

●FTA released by – Ministry of Commerce & Industry

●Reverse Mortgage scheme is related to – For Senior Citizens

●First to start Mutual Fund trading on BSE – UTI Mutual Fund.

●IIP (Index of Industrial Production) was released by – Central Statistical Organization (CSO).

●World Investment Report released by – UNCTAD.

●NCDEX (National Commodity and Derivatives Exchange) commodity stock exchange is headquartered—Mumbai

●NABARD(National Bank for Agriculture and rural development bank ) is headquartered – Mumbani

●ADB (Asian Development Bank ) is headquartered – Manila

●POS -- Point of Scale

●VAT stands for -- Value Added Tax

●GST : Good and Service Tax.

●Who issue & regulate currency -- RBI

●NEFT full form -- National Electronic Fund Transfer.

●Full form of LLP – Limited Liability Partnership.

●Max limit for RTGS (Real Time Gross Settlement) - No limit.

●Which bank can accept deposit -- commercial bank

●Insurance services given by banks are called – Bancassurance.

●Bank are connected to all banking network -- Core Banking Solution.

●Financial inclusion is -- Banking facilities to all of them whom not has provided as yet.

●Who has maximum share in nationalized Bank -- Govt of India.

●Demat account use for -- for shares trading in electronic form.

●RTGS minimum threshold limit recently raised to – 2  lac

●Govt. sharehold in public sector banks cant be below –51%

●NEFT system uses which codes -- IFS Codes.

●KYC procedure requires -- ID & address proof of the customer

●Self Help groups means -- Self-Help Groups are prime platform for social mobilization of women and creating awareness about legal and political rights.

●Reverse mortgage loan -- Finance given to senior citizens against residential houses/flats.

●Fastest inter bank transfer is by --  RTGS.

●ASBA -- Application Supported by Blocked Amount.

●SLR -- The minimum reserves each bank must hold to customer deposits and  notes.

●FINO -- Financial Inclusion Network and Operations.

●C.A.G. -- Comptroller and Auditor General

●Rights issue mean -- Sale of securities to existing share holders

●Secondary Market regulated by – SEBI

●Expand NOHC -- Non-Operative Holding Company

●CDSL means -- Central Depository Services Limited

●NSDL means -- National Securities Depository Limited

●ETF stands for -- Exchange Traded Fund

●Core banking means – Connectivity of branches, ATM and online systems of all branches.

●The Foreign Exchange Reserve of India are kept in the custody of -- Reserve Bank of India.

●Plastic money -- Credit Card, Debit Card

●PPP means : purchasing power parity.

●N.A.V.  – Net Assets Value.

●Controlling & regulate Share market : SEBI (Security Exchange Board of India).

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SSC CGL TIER 2 RESULT DATE ANNOUNCED ITS OFFICIAL

1. Constable GD EXAM-15

                 Final Result   30.01.2017

2. SI DELHI POLICE & CPO EXAM-16
                
                Tier-II   31.01.2017

3. CGL-16 
      
                Tier-II  28.02.2017

KEY LANDMARKS IN THE JOURNEY OF RBI

Key Landmarks in the journey of RBI

》In 1926, the Royal Commission on Indian Currency and Finance recommended creation of a central bank for India.

》In 1927, a bill to give effect to the above recommendation was introduced in the Legislative Assembly, but was later withdrawn due to lack of agreement among various sections of people.

》In 1933, the White Paper on Indian Constitutional Reforms recommended the creation of a Reserve Bank. A fresh bill was introduced in the Legislative Assembly.

》In 1934, the Bill was passed and received the Governor General’s assent.

》In 1935, Reserve Bank commenced operations as India’s central bank on April 1 as a private shareholders’ bank with a paid up capital of rupees five crore.

》In 1942 Reserve Bank ceased to be the currency issuing authority of Burma (now Myanmar).

》In 1947, Reserve Bank stopped acting as banker to the Government of Burma.

》In 1948, Reserve Bank stopped rendering central banking services to Pakistan.

》In 1949, the Government of India nationalized the Reserve Bank under the Reserve Bank (Transfer of Public Ownership) Act, 1948.

》In 1949, Banking Regulation Act was enacted.

》In 1951, India embarked in the Planning Era.

》In 1966, the Cooperative Banks came within the regulations of the RBI.
Rupee was devaluated for the first time.

》In 1969, Nationalization of 14 Banks was a Turning point in the history of Indian Banking.

》In 1973, the Foreign Exchange Regulation act was amended and exchange control was strengthened.

》In 1974, the Priority Sector Advance Targets started getting fixed.

》In 1975, Regional Rural Banks started.

》In 1985, the Sukhamoy Chakravarty and Vaghul Committee reports embarked the era of Financial Market Reforms in India.

》In 1991, India came under the Balance of Payment crisis and RBI pledged Gold to shore up reserves. Rupee was devaluated.

》In 1991-92, Economic Reforms started in India.

》In 1993, Exchange Rate became Market determined.

》In 1994, Board for Financial Supervision was set up.

》In 1997, the regulation of the Non Banking Financial Companies (NBFC) got strengthened.

》In 1998, Multiple Indicator Approach for monetary policy was adopted for the first time.

》In 2000, the Foreign Exchange Management Act (FEMA) replaced the erstwhile FERA.

》In 2002, The Clearing Corporation of India Ltd Started operation.

》In 2003, Fiscal Responsibility and Budget Management Act (FRBMA) enacted.

》In 2004, Liquidity Adjustment Facility (LAF) started working fully.

》In 2004, Market Stabilization Scheme (MSS) was launched.

》In 2004 Real Time Gross Settlement (RTGS) started working.

》In 2006, Reserve Bank of India was empowered to regulate the money, forex, G-Sec and Gold related security markets.

》In 2007, Reserve bank of India was empowered to regulate the Payment systems.