🔖🔖KSET New Guidelines 2k21

🔹Loro Accounts🔹


When a bank remits its foreign currency fund to a foreign bank for credit to an account of a third bank it is called a Loro account. It means Their money.

Loro accounts are generally held by a 3rd party bank, other than the account maintaining bank or with whom account is maintained.

For example, BOI wants to transact with HSBC, but doesn’t have any account, while SBI maintains an account with HSBC in U.K. Then BOI could use SBI account.

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🏢Maharatna Companies with their Headquarters 🏢

👉 NTPC ( National Thermal Power Corporation Limited)➖New Delhi

👉 BHEL ( Bharat Heavy Electricals Limited)➖New Delhi

👉 GAIL ( Gas authority of India limited)➖New Delhi

👉 ONGC ( Oil & Natural Gas Corporation Limited )➖New delhi

👉 BPCL ( Bharat Petroleum Corporation Limited)➖Mumbai

👉 SAIL( Steel Authority of India Limited)➖New Delhi

👉 CIL ( Coal India Limited)➖Kolkata

👉 IOC ( Indian Oil Corporation)➖New Delhi

👉HPCL ( Hindustan Petroleum Corporation Ltd )➖Mumbai

👉PGCIL ( Power Grid Petroleum Corporation of india Ltd )➖Gurgaon

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🔖🔖Consumer Price Index

🔹A comprehensive measure used for estimation of price changes in a basket of goods and services representative of consumption expenditure in an economy is called consumer price index.

🔹The calculation involved in the estimation of CPI is quite rigorous. Various categories and sub-categories have been made for classifying consumption items and on the basis of consumer categories like urban or rural. Based on these indices and sub indices obtained, the final overall index of price is calculated mostly by national statistical agencies. It is one of the most important statistics for an economy and is generally based on the weighted average of the prices of commodities. It gives an idea of the cost of living.

🔹Inflation is measured using CPI. The percentage change in this index over a period of time gives the amount of inflation over that specific period, i.e. the increase in prices of a representative basket of goods consumed.

➡️FCNR (Foreign Currency Non-Resident) Account

An account that can be opened with an Indian bank by a Non Resident Indian or a Person of Indian Origin in foreign currency is FCNR (B) account. The letter B in FCNR (B) stands for the word ‘Bank’. It is an account that allows the NRI to keep his deposits in foreign currency. Hassles of conversion can be reduced through such types of accounts.

💎Salient features of an FCNR account
➖FCNR is a foreign currency-denominated account.
➖FCNR is not a savings account. It is a term deposit with a minimum tenure of 1 year and a maximum of 5 years.
➖Interest income on FCNR accounts in nontaxable in India.
➖Both principal and interest are freely repatriable in your resident country.
➖It is possible to avail both rupee and foreign currency loans against your FCNR deposits.

💎Currencies are permitted under the FCNR scheme
According to the latest RBI circular in October 2011, FCNR permitted currencies are the ones that are freely convertible. These include the US Dollar, Pound Sterling, Euro, Japanese Yen, Canadian Dollar, Australian Dollar, Swiss Franc, Singapore Dollar, Danish Krone, and Hong Kong Dollar among others.

💎 FCNR loan
An FCNR loan is a loan in foreign currency that is availed by NRIs or Indian corporates against an FCNR deposit at select Indian banks according to RBI guidelines.

💎 Benefits of holding an FCNR account
The benefits of holding an FCNR account are numerous.

➖First and foremost, FCNR allows you to invest your earnings in the currency of your residence country. This helps you to protect yourself from the volatility of exchange rates.
➖Second, you don’t need to pay any income tax on your FCNR earnings in India. And the interest and principal are both freely repatriable.
➖Third, you can avail of a loan in any currency you want against your FCNR deposit.

💎Maximum and minimum tenure of FCNR deposits
The minimum tenure of an FCNR deposit is 1 year and the maximum is 5 years. If you withdraw within a year, no interest is paid. If it is withdrawn within the tenure, a penalty may or may not be levied depending on the bank.

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🏦Payments Banks


A payments bank is like any other bank, but operating on a smaller scale without involving any credit risk. In simple words, it can carry out most banking operations but can’t advance loans or issue credit cards. It can accept demand deposits (up to Rs 1 lakh), offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third party fund transfers.

In September 2013, the Reserve Bank of India constituted a committee headed by Dr Nachiket Mor to study 'Comprehensive financial services for small businesses and low income households'. The objective of the committee was to propose measures for achieving financial inclusion and increased access to financial services.

The committee submitted its report to RBI in January 2014. One of the key suggestions of the committee was to introduce specialised banks or ‘payments bank’ to cater to the lower income groups and small businesses so that by January 1, 2016 each Indian resident can have a global bank account.

The main objective of payments bank is to widen the spread of payment and financial services to small business, low-income households, migrant labour workforce in secured technology-driven environment.

With payments banks, RBI seeks to increase the penetration level of financial services to the remote areas of the country.