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Question on Banking Related Units Review
What is SEZ?
A Special Economic Zone (SEZ) is a geographical region that has economic laws that are more liberal than a country’s typical economic laws. The category ‘SEZ’ covers a broad range of more specific zone types, including Free Trade Zones (FTZ), Export Processing Zones (EPZ), Free Zones (FZ), Industrial Estates (IE), Free Ports, Urban Enterprise Zones, and others. SEZ is a duty-free area that is meant for the purposes of trade operations, duties, and tariffs for investors.
SEZs are specifically demarcated areas within the country where raw materials and capital goods can be imported duty-free from abroad or the domestic market and a special package of tax holiday and incentives are given with a view to boosting exports from the country. Manufacturing and Services operations are allowed in an SEZ. The basic motto behind this is to increase foreign investment, development of infrastructure, job opportunities, and increase the income level of the people.
What is SIDBI? (Question on Banking Related Units )
Small Industries Development Bank of India (SIDBI) is a financial institution which is headquartered in Lucknow, India. It is a state-run bank aimed to aid the growth and development of micro, small and medium scale industries in India. Set up in 1990 through an act of parliament, it was incorporated initially as a wholly-owned subsidiary of the Industrial Development Bank of India.
What is CRM? (Question on Banking Related Units )
Customer Relationship Management (CRM) refers to the ability to understand, anticipate and manage the needs of the customer, interaction, and relationship resulting in increased profitability through revenue and margin growth and operational efficiencies. Today it is used to describe IT systems and software designed to manage this relationship. CRM software will enjoy an increase in productivity and a reduction in costs associated with developing effective sales, marketing, and customer service strategies.
What is the Right to Information Act? (Question on Banking Related Units )
The Right to Information Act is a law enacted by the Parliament of India giving citizens of India access to records of the Central Government and State governments. It goes without saying that an informed citizen is better equipped to keep necessary vigil on the instruments of governance and make the government more accountable to the governed. The Act is a big step towards making the citizens informed about the activities of the Government.
The Act applies to all States and Union Territories of India, except the State of Jammu and Kashmir – which is covered under a State-level law. This law was passed by Parliament on 15 June 2005 and came fully into force on 12 October 2005.
What is Bitcoin? (Question on Banking Related Units )
Bitcoin is a consensus network that enables a new payment system and completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry book-keeping system in existence.
What is the Banking Ombudsman Scheme?
The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for the resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
Which is the banks covered under the Banking Ombudsman Scheme, 2006?
All Scheduled Commercial Banks, Regional Rural Banks, and Scheduled Primary Co-operative Banks are covered under the Scheme.