Tag Archives: Common

Banking

Common Written Exam in 2011- New Method of Recruitment in Banking Sector

Common written exam is a new introduction to the recruitment procedure. It will be conducted in 2011, for recruitment of Bank PO and Clerical posts. After scrutinizing the problems related to recruitment for many years, IBPS finally got the mandate to conduct these exams for the two most coveted jobs offered by the banking sector. 19 public sector banks decided to participate in this new endeavor.
Institute of Banking Personnel has been a successful recruiter of the banking sector since many years now. It has carried out much successful recruitment. It not merely confines to recruitments, it also holds promotions based on the performance. It aims at giving fair chance to the candidates who deserve it and are ready to face more challenges and responsibilities. It also conducts many training programmes which train the candidates by polishing their skills, and enhancing their talent. Such programmes have made, IBPS one of the most preferred choices of people, when it comes to recruitments. Today, most of the public sector recruitments are carried out by IBPS which believes in high quality recruitment. It has its network spread throughout India, where much recruitment can be done simultaneously; such is the efficiency of its members. It consists of large team of trained professionals who prepare a high standard exam question paper. The question paper designed by them ensures the entry of only the most intelligent and prepared candidate, into the interview round.
The recent endeavor of IBPS is the CWE. It refers to a common test which would be conducted for recruitment into the posts of Bank PO and Bank Clerk. The exam would be conducted in 2011. After deeply studying the problems faced during recruitment, IBPS managed to gain mandate from the Managing Committee of Indian Bank’s Association (IBA) which approved of its viable solutions to solve the prevailing problems. After much discussion and debate it was proved that CWE is a time and money saving procedure which should be enacted as soon as possible.
Therefore, in 2011, CWE would be conducted. This type of recruitment facility is new in India and is usually followed abroad. It has been introduced for the two most sought after posts offered by banks, bank po and bank clerk. It will also be a golden opportunity for all those candidates who lost earlier chances due to lack of seats. Now, due to large scale recruitment, more hidden talents would come to limelight and many people would get the chance to exhibit their skills and capabilities.

 

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Banking

What is Banking and Common Concepts of Banking

Banking is one form of trading in money that safeguards deposits as well as makes money available to borrowers. You can also term it as a financial institution which is engaged in money transactions like withdrawals and deposits. There are customers involved who get interest on their deposits parked with the bank.

There are different types of accounts in each and every bank. Different banks have different types of accounts or deposits.

It could be either Savings Account or Current Account or Fixed Deposit Account or Recurring Deposit. Apart from this, there are other types of accounts like Foreign Currency Accounts or FCNR Accounts, Nostro Accounts, Loan Accounts etc.

Savings Account is opened by an individual or more than one individual. It could be a single account or joint account. Interest is paid on the money deposited in their account.

Current Accounts are usually operated by people having their own business or by corporate. It is usually operated for business purposes.

Fixed Deposit Accounts are opened for a certain period of time. Interest is paid for that particular period of time. For example, a customer may deposit 1000 dollars and request that the same may be kept for 1 year period. So for this 1 year period, interest is paid by the Bank. The deposit could be either ordinary fixed deposit or cumulative fixed deposit.

In case of ordinary fixed deposits, interest is credited to the account whereas for cumulative types, interest gets added to the principal amount.

In case of Recurring Deposits, a certain amount needs to be deposited with the bank on a monthly basis for a particular period of time and interest is paid for that period. Interest gets added to the principal amount.

Apart from interest being paid by banks to customers, banks also lend money to customers for either personal purposes or for commercial purposes or for buying properties. This depends on the customer needs as well as their credibility or financial condition. Interest is charged on the amount given to the customer depending on the agreement made.

Besides lending, customers can also keep their valuables like ornaments in bank lockers. Banks offer this facility to their customers and a certain amount is charged for the same.

There are many other facilities offered by banks to customers like withdrawing money through Any Time Machine (ATM’s), offering credit cards or debit cards, International Cards for purchasing etc.

Customer’s money is properly taken care of by these financial institutions and customers can very well plan their future if they invest properly.

Iyer has several years of experience working for a Multinational Bank. This blog has articles related to finance. There are many facts about Forex MegaDroid which one needs to read and it is one of the best performing robot.