Varada Grameena Bank is a Regional Rural Bank (RRB) named after the Wardha River which is one of the biggest rivers in Vidarbha region in India. It is one of those banks which were amalgamated and newly opened. It has been serving Kumta in Karnataka, providing excellent banks service to those in need.

Correct Option: B

Varada Grameena Bank is a Regional Rural Bank (RRB) named after the Wardha River which is one of the biggest rivers in Vidarbha region in India. It is one of those banks which were amalgamated and newly opened. It has been serving Kumta in Karnataka, providing excellent banks service to those in need.

Open Market Operations (OMOs) are the market operations conducted by the Reserve Bank of India by way of sale/ purchase of Government securities to/ from the market with an objective to adjust the rupee liquidity conditions in the market on a durable basis. When the RBI feels there is excess liquidity in the market, it resorts to sale of securities thereby sucking out the rupee liquidity. Similarly, when the liquidity conditions are tight, the RBI will buy securities from the market, thereby releasing liquidity into the market. The two traditional type of OMO’s used by RBI are: Outright purchase (PEMO): Is outright buying or selling of government securities; and Repurchase agreement (REPO): Is short term, and are subject to repurchase.

Correct Option: B

Open Market Operations (OMOs) are the market operations conducted by the Reserve Bank of India by way of sale/ purchase of Government securities to/ from the market with an objective to adjust the rupee liquidity conditions in the market on a durable basis. When the RBI feels there is excess liquidity in the market, it resorts to sale of securities thereby sucking out the rupee liquidity. Similarly, when the liquidity conditions are tight, the RBI will buy securities from the market, thereby releasing liquidity into the market. The two traditional type of OMO’s used by RBI are: Outright purchase (PEMO): Is outright buying or selling of government securities; and Repurchase agreement (REPO): Is short term, and are subject to repurchase.

In February 2003, the Punjab National Bank took over Nedungadi Bank, the oldest private sector bank in Kerala. At the time of the merger with PNB, Nedungadi Bank’s shares had zero value, with the result that its shareholders received no payment for their shares. It was first private sector commercial bank to be set up in South India. The bank was incorporated in 1913 and in 1965 it took over selected assets and liabilities of the Coimbatore National Bank Ltd. NOTE : On 15 February 2017, the Union Cabinet approved the merger of 5 associate banks with SBI. Finally, the five associate banks, along with Bharatiya Mahila Bank, merged with SBI on 31 March 2017. With effect from April 1, 2017; all the branches of Associates Banks viz State Bank of Patiala, State Bank of Hyderabad, State Bank of Bikaner & Jaipur, State Bank of Mysore and State Bank of Travancore, will function as branches of STATE BANK OF INDIA (SBI). On 7 October 2014, Arundhati Bhattacharya became the first woman to be appointed Chairman of the bank. She is serving as present chairman of SBI.

Correct Option: C

In February 2003, the Punjab National Bank took over Nedungadi Bank, the oldest private sector bank in Kerala. At the time of the merger with PNB, Nedungadi Bank’s shares had zero value, with the result that its shareholders received no payment for their shares. It was first private sector commercial bank to be set up in South India. The bank was incorporated in 1913 and in 1965 it took over selected assets and liabilities of the Coimbatore National Bank Ltd. NOTE : On 15 February 2017, the Union Cabinet approved the merger of 5 associate banks with SBI. Finally, the five associate banks, along with Bharatiya Mahila Bank, merged with SBI on 31 March 2017. With effect from April 1, 2017; all the branches of Associates Banks viz State Bank of Patiala, State Bank of Hyderabad, State Bank of Bikaner & Jaipur, State Bank of Mysore and State Bank of Travancore, will function as branches of STATE BANK OF INDIA (SBI). On 7 October 2014, Arundhati Bhattacharya became the first woman to be appointed Chairman of the bank. She is serving as present chairman of SBI.

A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. Being a consumption tax, VAT is usually used as a replacement for sales tax. Ultimately, it taxes the same people and businesses the same amounts of money, despite its internal mechanism being different. This means that, without special measures, goods that are imported from one country that does have VAT to another country that does not have VAT will be taxed twice. The exporting country will charge VAT and the importing country will charge sales tax.

Correct Option: D

A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. Being a consumption tax, VAT is usually used as a replacement for sales tax. Ultimately, it taxes the same people and businesses the same amounts of money, despite its internal mechanism being different. This means that, without special measures, goods that are imported from one country that does have VAT to another country that does not have VAT will be taxed twice. The exporting country will charge VAT and the importing country will charge sales tax.

Originally, the assets of the Issue Department were to consist of not less than two-fifths of gold coin, gold bullion or sterling securities provided the amount of gold was not less than Rs. 40 crore in value. The remaining three-fifths of the assets might be held in rupee coins, Government of India rupee securities, eligible bills of exchange and promissory notes payable in India. Due to the exigencies of the Second World War and the post-war period, these provisions were considerably modified. Since 1957, the Reserve Bank of India is required to maintain gold and foreign exchange reserves of Rs. 200 crore (2 billion), of which at least Rs. 115 crore should be in gold and Rs. 85 crore in the form of Government Securities. The system as it exists today is known as the minimum reserve system.

Correct Option: C

Originally, the assets of the Issue Department were to consist of not less than two-fifths of gold coin, gold bullion or sterling securities provided the amount of gold was not less than Rs. 40 crore in value. The remaining three-fifths of the assets might be held in rupee coins, Government of India rupee securities, eligible bills of exchange and promissory notes payable in India. Due to the exigencies of the Second World War and the post-war period, these provisions were considerably modified. Since 1957, the Reserve Bank of India is required to maintain gold and foreign exchange reserves of Rs. 200 crore (2 billion), of which at least Rs. 115 crore should be in gold and Rs. 85 crore in the form of Government Securities. The system as it exists today is known as the minimum reserve system.