Banking GK

 Correct Ans. 1. In 2003, foreign banks were permitted for the first time to operate currency chests. Standard Chartered Bank — the largest and oldest foreign bank in the country was the first foreign bank to handle currency chests in India.

Hanil Bank is a South Korean bank that opened its first branch in New Delhi in 1997. It later merged to become part of Woori Bank.

China Trust Commercial Bank is a major financial institution headquartered in Taiwan. It expanded its operations to India in 1996.

Foreign banks in India are mandated to meet priority sector lending targets. The specific target for foreign banks is 32% of their net bank credit.

The Reserve Bank of India (RBI) mandates that foreign banks establishing a wholly owned subsidiary in India must have a minimum paid up capital of Rs. 300 crore.

ABN Amro served as the counseling bank for the modernization projects of the airports at New Delhi and Mumbai.

If a foreign bank fails to meet the priority sector lending target, the shortfall must be deposited with the Small Industries Development Bank of India (SIDBI).

Foreign banks operating in India are considered part of the private sector, as they are not owned by the government.

HSBC (Hongkong & Shanghai Banking Corporation) acquired a significant stake in UTI Bank, which was later rebranded as Axis Bank.

The Cooperative Credit Societies Act was passed in India in 1904, marking the formal beginning of the cooperative banking movement.

Standard Chartered Bank acquired Korea First Bank in 2005 to expand its presence in the South Korean market.

Standard Chartered has acquired several banks in India, including Grindlays and the Indian operations of Bank of Bahrain and Kuwait, but it did not acquire Mizuho Bank.

Overseas Chinese Banking Corporation (OCBC) is a major financial services organization headquartered in Singapore.

This figure is based on historical data regarding the number of cooperative institutions involved in agricultural credit in India.

Habib Bank of Pakistan has expressed interest and received permissions at various times to operate in the Indian banking sector.

Maharashtra has historically had the highest concentration of urban cooperative banks in India.

RBI guidelines require cooperative banks with deposits of Rs 100 crore or more to maintain an Investment Fluctuation Reserve.

According to RBI norms for Urban Cooperative Banks, the criteria for opening an extension counter include an NPA level below 10% and a record of net profit for the last 2 years.

Urban Cooperative Banks are permitted to open extension counters at various locations, including educational institutions, hospitals, offices, factories, and residential areas, provided they meet regulatory criteria.

For an Urban Cooperative Bank to provide safe deposit locker facilities, RBI mandates an NPA level below 7% and a net profit record for the last 3 years.

 A scheduled urban cooperative bank having an NPA level of 7% or more cannot accept deposits from a non-scheduled urban cooperative bank.

 Minimum networth of an urban co-operative bank should be Rs. 100 crore for doing insurance business.

All are correct.

Extension counters of Urban Cooperative Banks are generally prohibited from granting loans and advances, as their primary purpose is to provide limited banking services.

Ahmedabad Mercantile Co-operative Bank and Bharat Co-operative Bank are scheduled cooperative banks, while Development Co-operative Bank (now DCB Bank) is a private sector commercial bank.