DICGC : Functions and Working

Introduction -

• DICGC - Deposit Insurance and Credit Guarantee Corporation
• DICGC is a statutory Body.
• Established – 15 July 1978
• It is a subsidiary of RBI since 1962.
• Its control authority is governed by RBI.
• It was established under DICGC Act , 1961 
• But it was introduced in India in 1962.
• In 1962 , India was the 2nd Country to Introduced with this Scheme.
• First Country who introduced DICGC is USA in 1933.
• Its prime purpose is to provide insurance of the deposited Money in all banks.
• It provide insurance facility for Saving deposit , Fixed deposit , Recurring deposit up to a maximum limit of 1 Lakh for each separate deposits in a bank.
• The deposits with Regional Rural Bank (RRB) are issued by DICGC.
• In 19th & 20th Century bank failure was a common phenomenon.
• In such case bank needs to Safe Guard the Deposited Money by their customers.
• After RBI establishment in 1935 this issue become Highlighted after the failure of Travancore Nation & Quilon Bank in 1938 , the Largest bank in this region.
• After failure of Travancore Nation & Quilon Bank , Bank failure issue revived again when Banking crisis happened in West Bengal in 1948.
• After then RBI take the issue in Banking regulation Act 1949 & Safeguard the deposited money by Insurance scheme.
• It was, however, felt that the measures were wavering till the Banking Companies Act, 1949 came into force and comprehensive arrangements were made for the supervision and inspection of banks by the Reserve Bank.
• In 1960 when Laxmi Bank and the failure of the Palai Central Bank catalyzed the introduction of deposit insurance in India. 

The Deposit Insurance Corporation (DIC) Bill was: 

• Introduced in the Parliament on August 21, 1961. 
• Received the assent of the President on December 7, 1961. 
• The Deposit Insurance Corporation commenced functioning on January 1, 1962. 

Origin of DICGC –

• After establishment of DICGC 287 banks were registered with it as insured banks. 
• By the end of 1967, this number was gradually decreased to 100, (As a result of the Reserve Bank of India’s(RBIs)  policy of the reconstruction and uniting of small and financially weak banks so as to make the banking sector more practicable & feasible.) 
• In 1968, the DICGC Act 1962 was re-amended to extend deposit insurance to all co-operative banks in India. 
• In 1968 there were more than 1000 cooperative banks as against the 83 commercial banks. As a result, the DICGC had to expand its operations very substantially. 
• 1971 The Credit Guarantee Corporation of India Ltd. (CGCI) was established. (The establishment of the Credit Guarantee Corporation was to ensure that the credit needs of the neglected sectors and weaker sections were met. The essential concern was to persuade banks to make available credit to not so creditworthy clients).

Bank covered Insurance under DICGC –

• All Scheduled commercial Banks & Cooperative Banks 
• It also include foreign banks which is running in India also be covered under DICGC.
• It also include Indian Banks which is functioning outside India will also be covered under this Act.
• All Regional Rural Bank which is functioning in India also be covered under DICGC.
• There is a few exception which is listed below – 
• Primary Agricultural Credit Society.
• Cooperative banks from Meghalaya , Chandigarh , Lakshadweep & Dadra & Nagar Haveli.

Types of Deposit covered under DICGC –

• Saving Bank Deposits 
• Fixed deposits 
• Recurring deposits 
• It also include some exception which is listed below –
• It won’t accept Deposits for Foreign Governments 
• The deposits by Indian Government & State Govt. also not accepted under this Act.

September Revision Class

Q1. Which Country was certified by WHO on having eliminated malaria?

Answer: Sri Lanka

Q2. Which State Government has decided to develop 340 villages as Horticulture Villages at a cost of 93 crore rupees during the Golden Jubilee year of the State?

Answer: Haryana Government

Q3. Garden Reach Shipbuilders and Engineers Limited (GRSE) handed over the Water Jet Fast Attack Craft (WJFAC), _____________ to Indian Navy.

Answer: “TIHAYU”

Q4. Which State’s education department has partnered with US-based technology firm Cisco to promote digital learning across the state using virtual digital room solutions? 

Answer: Rajasthan

Q5. _____________ has acquired computer vision firm Movidius, which partnered with Google to develop 3D space mapping technology for Project Tango devices. 

Answer: Intel

Q6. Which scheme was launched with an objective to develop 13 theme-based tourist circuits in the country under which government has approved projects worth over Rs. 450 crore for five states?

Answer: Swadesh Darshan

Q7. The UN Charter, the seminal treaty of the United Nations, has now been translated into which language?

Answer: Sanskrit

Q8.  The Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan has  launched _____________ campaign for the aimed at promoting the use of gas in the country?

Answer: Gas4India

Q9. Department of Telecom (DoT) has created _____________ through which customers can get information on power outages from distribution companies by dialling 14401.

Answer: ‘Urja Mitra Helpline’

Q10. Who has been appointed as chief executive of Religare Enterprises Ltd. for the remaining period of his tenure?

Answer: Sunil Godhwani

Q11. Which film was conferred the Best Film award by Union Minister of Information and Broadcasting Minister M. Venkaiah Naidu at the closing ceremony of the 1st BRICS Film Festival?

Answer: Thithi

Q12. India and which country have expanded their Preferential Trade Agreement with both offering to lower or eliminate tariffs on a number of items traded with each other?

Answer: Chile

Q13. _____________ has been adjudged the cleanest state while _____________ comes last in the list of 26 states.

Answer: Sikkim, Jharkhand

Q14. Who has been appointed as part-time chairperson of Unique Identification Authority of India (UIDAI)?

Answer: Former IAS officer J Satyanarayana

Q15. Who has been appointed as director of Syndicate Bank, which is one of the oldest and major commercial banks of India?

Answer: Jayant Purushottam Gok

Difficult Puzzle for IBPS PO 2016

Ten film stars from Tollywood are sitting in two parallel rows containing five persons each in dining hall. In row 1, Venkatesh, Nagarjuna, Bala Krishna, Jagapathi Babu and Chiranjivi are sitting and all of them are facing south.

In row 2, N.T.R, Pavan Kalyan, Mahesh Babu, Allu Arjun and Ram Charan are sitting and all of them are facing north. In the given seating arrangement, each member seated in a row faces another member of the other row. Moreover, each of them going to different countries for shooting — Switzerland, USA, Netherlands, Canada, Germany, AUSTRALIA, Dubai, Egypt, Italy and Turkey but not necessarily in the same order. 

There are only two persons sitting between the person going to Switzerland, who sits at an extreme end, and Chiranjivi. N.T.R, who sits in the middle of the row, is not an immediate neighbour of Pavan Kalyan, who is not going to Turkey.Ram Charan is sitting at an extreme end. Chiranjivi, is going to German, sits on the immediate right of the person going to USA and faces the immediate neighhour of Pavan Kalyan. Nagarjuna is not sitting at the extreme left end. N.T.R is not going to Italy.

There is only one person between Bala Krishna and Jagapathi Babu, who is going to Switzerland. Allu Arjun, who is going to AUSTRALIA, is an immediate neighbour of the person going to Turkey and does not face the person going to Netherlands.Mahesh Babu, who is going to Canada, is an immediate neighbour of the person going to Italy, who in turn faces the immediate neighbour of the person going to Germany. There are two persons between the person going to Dubai and Netherlands. Nagarjuna is not going to Dubai. Ram Charan is not going to Egypt.

1. Venkatesh going  to which of the following countries?

1) Egypt

2) Dubai

3) Netherlands

4) None of these

5) can't be determined

2. Who is going to  Egypt?

1) Mahesh Babu

2) Nagarjuna

3) Ram Charan

4) N.T.R

5) can't be determined

3. ‘Switzerland’ is related to 'Dubai' in a certain way, based on their seating positions. Then Turkey is related to whom, following the same seating positions?

1) Egypt

2) Italy

3) USA

4) AUSTRALIA

5) Canada

4. Four of the following five are alike in a certain way based on their seating positions and so form a group. Which of the following is different from the group?

1) Germany

2) Dubai

3) Turkey

4) Canada

5) AUSTRALIA

5. Which of the following statements is/are definitely false?

1) Nagarjuna is going to  Netherlands.

2) There are two persons sitting between the person going to  AUSTRALIA and the person going to  Italy.

3) The person going to USA faces the person going to Egypt.

4) The person who is going to Italy sits opposite the person going to  Switzerland.

5) All are true

Answers and Solutions :

1. (2)

2. (4)

3. (4)

4. (3)

5. (4)

Find Grammatical Errors

#1

(a) My friends insisted

(b)  that I should see the movie

(c)  from beginning to the end

(d)  No error

#2

(a) With little patience 

(b)  You will be able to

(c)  cross this hurdle

(d)  No error

#3

(a) He was fascinated by insects

(b)  and the more he studied their habits

(c)  greater was his fascination 

(d)  No error

#4

(a) The recent study has

(b)  indicated that there

(c)  is perceptible change in

(d) the attitudes of the people

(e) No error

#5

(a) If the main diligently seeks to come into the contact 

(b) with the best that has been thought and said in this world

(c) he will become simple and selfish

(d) No error

#6

(a) I go to the bed

(b) at eight

(c) every night

(d) No error

#7

(a) A nationwide survey

(b) has brought up an

(c) intersting finding

(d) regarding infant mortality rate in India

(e) No error

#8

(a) Troy was taken by Greeks

(b) this formed the basis of a story

(c) which has become famous 

(d) No error

#9

(a) To perform this experiment

(b) drop little sugar

(c) into a glass of water

(d) No error

#10

(a) As he had taken only a few sips

(a) there was still little water

(a) left in the glass

(a) No error

Answers

1. (c) : Add 'the' before 'beginning'

2. (a) : Add 'a' before 'little'

3. (c) : Add 'the' before 'greater'

4. (c) : Add 'a' before 'perceptible'

5. (a) : Remove 'the' 

6. (a) : Remove 'the' 

7. (d) : Add 'the' before 'infant'

8. (c) : Add 'a' before 'Greeks'

9. (c) : Add 'a' before 'little'

10. (c) : Add 'a' before 'little'

Commonly Confusing Adverbs: Explained with Rules

1. Fairly/Rather -

Fairly is used with favourable adjectives and adverbs while rather is used before unfavourable adjectives and adverbs.
Example a) Ram is fairly clevr, but Ramesh is rather foolish.
b) Ram walks fairly fast, but Anil walks rather slowly.

Rather when used before alike, like similar, different etc. and before comparatives, means a little or slightly.
Examples a) These cats are rather like cubs in some ways.
b) The weather was rather hot than we had expected.

2. Hardly/Scarcely/Barely -

The adverbs: hardly, scarcely and barely are almost negative (almost not) in meaning. ‘Hardly’ is usually used with ‘any’, ever ‘, at all , or the verb ‘can’
Examples a) She has hardly any money (very little money)
b) We hardly ever go out, (We very seldom go out)
One should not be confused with adverbs ‘hard’ ‘hardly.
Examples a) He looked hard at it, (He stared at it)
b) She hardly looked at me.
(She gave me only a brief glance or didn’t look)
Scarcely means ‘almost not’ and can replace ‘hardly’ as used above.
But scarcely is usually used to mean not quite
Example : There Were scarcely ten people in the meeting. (probably fewer)
Barely means ‘not more than’ I only just
Examples a) His voice was barely audible. (It was only just audible)
b) There were barely ten people in the meeting. (only just ten)

3. Yet/Still –

Both are adverbs of time. Yet means up to the time of speaking. It is used with the negative or interrogative.
Still emphasizes that the action continues. It is mainly used with the affirmative or interrogative. It can also be used with the negative to emphasize the continuance of an action.

Examples a) He hasn’t completed (his work) yet.
b) He hasn’t yet applied for the licence I told him about.
c) He is still in bed.
d) Has she come? Not yet.
e) The Jeep hasn’t arrived yet.

Yet is normally placed after verb or after verb + Object. It the object consists of a large number of words yet can be placed before the verb also.
Example Still is placed after the verb ‘be’ but before other verbs.

4. Since/Ever Since -

Since and Ever since are used with Perfect Tenses. Since can be placed after the auxiliary or in end position after a negative or interrogative verb; Ever Since (adverb) is usually placed in end position.
Phrases and clauses with since and ever since are usually in end position though front position is also possible
Examples a) I first met her three years ago and have remembered her face ever since.
b) He’s been in bed since his accident.

5. Somehow/Anyhow -

Somehow ( means in some way or other) can be placed in the front position or after a verb without object or after the object.
Examples a) Somehow they managed.
b) I wasn’t qualified to apply for this job really but I got it anyhow.
Anyhow is an adverb of manner. It is often used to mean in any case/anyway.

6. Too –

Too is different from ‘very’ Too means ‘excess’ (more than enough’ or more than necessary’ or more than is wanted)
Example - He is too weak to walk.

• We can use an infinitive structure after too+adjective/adverb/determiner. Example - She is too old to work. 
• If the infinitive has its own subject, this is introduced by for. 
• Example - It’s too late for the shops to be opened. 
• The subject of a sentence with too can also be the object of the following infinitive . Object pronouns are not normally used after the infinitive in such cases. 

Example – The water is too hot to drink. (Correct)
The water is too hot to drink it. (Incorrect)
However, object pronouns are possible in this atructures with for.

Example The water is too hot for us to drink (it).
The two possible meanings of sentences like. 

Example a) He’s too stupid to teach (=He’s too stupid to be a teacher)
b) He’s too stupid for anyone to teach (=He can’t be taught.)

• Too is not normally used before adjective +noun. 

Example I put down the bag because it was too heavy. (Correct)
I put down the too heavy bag . (Incorrect) 

In a rather formal style, ‘too’ can be used before adjective +a/an+noun.
Examples a) It’s too cold a day to go out.
b) He was too clever a businessman to accept the offer initially. (It means: As a businessman he was too clever to accept the offer initially.)

7. Too/Too much

Before adjectives without nouns and before adverbs, we use too, not too much.
Examples a) You’re too kind to me. (Correct)
You’re too much kind to me. (Incorect)
b) I arrived too early. (Correct)
I arrived too much early (Incorrect)

8. Much/Very -

Generally, participles are modified by much and adjectives by very. Certain participles which have largely lost their verbal force and are felt to be adjectival however, take very
Examples a) The law has been much abused (Participle)
b) Her dress was much admired (Participle)
c) It is a very good book. (Adjective)
d) This is a very old building. (Adjective)
e) She is a very clever girl. (Adjective)

Conversely, participles used before a noun to make a compound adjective with a modifying adverb, take much a much abused privilege, a much travelled person, a much discussed question.

9. Seldom –

Seldom is an adverb. We may say I seldom go to London, but not my visits to London are seldom; for here we are treating the word as a predicative adjective. It can be used after a verb in this way (and then as an adverb) only in the following types of construction.
(i) After It is After It is (was), and followed by a that-clause in apposition to the anticipatory pronoun it.
Example – It is seldom that we get such an opportunity as this 

Break Your Limiting Beliefs

Friends, क्या आपने ध्यान दिया है कि जब कोई strong belief टूटती है तो फिर वो टूटती चली जाती है …. let’s see some examples:

पहले माना जाता था कि किसी human being के लिए 10 sec के अन्दर 100 m दौड़ना impossible है , फिर एक दिन Jim Hines ने 9.95 second में ये दूरी  तय कर के इस belief को तोड़ दिया …और उसके बाद आज तक ना जाने कितने athletes ये कारनामा दिखा चुके हैं …

बॉलीवुड की बात करें तो किसी फिल्म के लिए 100 crore कमाना असंभव माना जाता था …फिर ग़जनी आई और ये कारनामा कर दिखाया …और उसके बाद तो 100 crores कमाने वाली movies की झड़ी सी लग गयी ….Salman Khan की फिल्मे तो लगातार एक के बाद ऐसा करने में कामयाब रहीं ….

इसी तरह आप कुछ और fields में भी देख सकते हैं जब कोई ऐसा record बनता है जिसे पहले लोग असंभव मानते थे ।तो फिर एक के बाद एक कई लोग उसे तोड़ते चले जाते हैं .

ऐसा क्यों होता है ?

क्योंकि रिकॉर्ड का बनना सालों से लोगों के अन्दर बैठी किसी strong belief को तोड़ देता है . पहले जिस काम को हमारा दिमाग असंभव समझता था अब उसे संभव मानने लगता है …और जब हमारा दिमाग ऐसा मान लेता है तो वो हमारे शरीर को उस काम को करने के लिए तैयार कर देता है … अब बात ये नहीं रह जाती की ये हो सकता है या नहीं …अब तो पूरा  focusहोता है कि ये कैसे करना है …और ultimately हम उसे कर डालते हैं …belief टूटती चली जाती है ..

That means हामरी BELIEF या हमारा यकीन हमसे कोई काम करा भी सकता है और उसे करने से रोक भी सकता है.

कहीं आप भी किसी ऐसी belief की कैद में तो नहीं ?

हो सकता है की जाने अनजाने आपने भी अपनी कुछ personal limiting beliefs बना रखी हों , मैं ये नहीं कर सकता मैं वो नहीं कर सकता …For example: Because मेरी फॅमिली में कभी किसी ने business नहीं किया इसलिए मैं भी नहीं कर सकता …या मैं पढाई में कमजोर रहा हूँ इसलिए कोई competition नहीं beat कर सकता …मैं लड़की हूँ इसलिए बाहर का काम नहीं कर सकती …मैं कुछ भी कर लूं अमीर नहीं बन सकता !!

यदि आप ऐसी किसी belief की कैद में हैं तो आज इससे आज़ाद हो जाइये …आप कुछ भी कर सकते हैं …बस आपको अपने belief system को इसका यकीन दिलाना होगा की हाँ आप कर सकते हैं …

.

“ एक आदमी ने कुछ विशालकाय हाथियों के पैर रस्सीयों से बंधे देखा …उसे आश्चर्य हुआ की इतने ताकतवर हाथी इन मामूली रस्सीयों से कैसे बंधे हैं …ये तो जब चाहें तब इसे तोड़ कर जा सकते हैं …., उसने अपनी ये जिज्ञासा माहावत से बाते …महावत बोला , “ दरअसल , जब ये हाथी पैदा होते हैं तभी से हम इन्हें इन रस्सीयों से बाँध कर रखते हैं …चूँकि तब ये कमजोर होते हैं इसलिए बार – बार कोशिश करने पर भी इसे तोड़ नहीं पाते , और बड़े होने पर भी ये यही समझते हैं की वे इस बंधन को नहीं तोड़ सकते और इसका प्रयास ही नहीं करते …”

Friends, unfortunately ये सिर्फ हाथियों के साथ नहीं होता हम मनुष्य भी इसी तरह से अपने mind को condition कर लेते हैं और ऐसा generally subconscious level पे होता है , इसलिए इसपर आपका ध्यान ही नहीं जाता …just observe की कहीं आपने भी तो ऐसा कुछ नहीं कर रखा है …कहीं आप भी किसी ऐसे यकीन को मान कर नहीं बैठे हैं जो आपको कमजोर बनाता हो …अगर है तो just get rid of it…इस belief को तोड़ दीजिये …और वो कर डालिए जो आप करना चाहते हैं …जब एक बार आप ये कर लेंगे तो फिर करते चले जायेंगे … आपकी और भी limiting beliefs टूटती चली जायेगी और आप अपनी life बेहतर बना पायेंगे.

All the best. 

Monetary Policy Committee

                                                    

Monetary policy is an instrument by which central bank controls the supply of money in the economy by its control over the interest rates in order to maintain price stability and achieve high economic growth. In context of India  Reserve Bank of India (RBI) is the highest authority which uses this policy in order to maintain the price stability in the economy.

On June 27, 2016, the Government amended the RBI Act to hand over the job of monetary policy-making in India to a newly constituted Monetary Policy Committee (MPC).

What is Monetary Policy Committee (MPC)?

Monetary Policy Committee (MPC) is a committee constituted by the government in order to bring "value and transparency" to rate setting decisions. The new MPC is a six-member panel featuring  three members from the RBI — the Governor, a Deputy Governor and another official — and three independent members to be selected by the Government.

The MPC will meet four times a year to decide on monetary policy by a majority vote. And if there’s a tie between the ‘yes’ and the 'no' the RBI governor gets the deciding vote.

How it is different from earlier committee?

Earlier technical advisory committee constituted by the RBI, which consists central bank’s top brass including the deputy governor and the governor and external advisers, give their opinion and suggestions on what the RBI should do. But the governor’s word is final on the rates and the advice of the technical advisors is not binding on the RBI

Countries like New Zealand, England, Canada, South Africa, Sweden are the prominent one which are using MPCs for implementing their monetary policy targets. MPCs will play a crucial role in order to tackle the issues of rate setting in india as inflation is the one of the core issue in india today .The MPC will ensure that decisions on interest rates are made through debate by a panel of experts. The many-heads-are-better-than-one approach may also help ensure that the decision isn’t easily influenced by bias or lobbying.

Currently the members of MPCs are three non-RBI members: Pami Dua, director of the Delhi School of Economics; Chetan Ghate, a professor at the Indian Statistical Institute; and Ravindra Dholakia, a professor at the Indian Institute of Management, Ahmedabad. The other three members are Patel, R Gandhi, an RBI deputy governor, and Michael Patra, an executive director at the central bank.

On 4th oct 2016 India’s first monetary policy committee gets to work with an interest rate cut. India's newly appointed RBI governor Urjit Patel’s first monetary policy review, it was also the first time that a newly-appointed committee decided the interest rate trajectory. The recently-formed monetary policy committee (MPC) decided to cut the repo rate—the rate at which the RBI lends to commercial banks—by 25 basis points to 6.25%.

Latest RBI Bank Rates in Indian Banking - 2016

SLR Rate	CRR	MSF	Repo Rate	Reverse Repo Rate	Bank Rate
20.75%	4%	6.75%	6.25%	5.75%	6.75%

Lowering repo rate reduces the overall cost of borrowing in the country and promote the investment which strengthen the economic growth. The MPC may put a stop to the public skirmishes between the Government and the RBI. 

ALL THE BEST