The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)?
What is it? BIMSTEC is an international organization involving a group of countries in South Asia and South East Asia.
Membership: It comprises seven countries lying in the littoral and adjacent areas of the Bay of Bengal — Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
Objective: Its primary objective is to improve connectivity between the members through multi-modal transport corridors. In general, there are ‘14 priority sectors’ which cover almost all areas of cooperation such as energy, handling of refugees, anti-narcotic measures.
What is it? BIMSTEC is an international organization involving a group of countries in South Asia and South East Asia.
Membership: It comprises seven countries lying in the littoral and adjacent areas of the Bay of Bengal — Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
Objective: Its primary objective is to improve connectivity between the members through multi-modal transport corridors. In general, there are ‘14 priority sectors’ which cover almost all areas of cooperation such as energy, handling of refugees, anti-narcotic measures.
Targets /Sub-targets for Priority sector:
RRBs will have a target of 75 per cent of their outstanding advances for priority sector lending and sub-sector targets as indicated in table below.
Categories Targets
Total Priority Sector 75 per cent of total outstanding*
-Agriculture 18 per cent of total outstanding
-Small and Marginal Farmers 8 percent of total outstanding
-Micro Enterprises 7.5 per cent of total outstanding
-Weaker Sections 15 per cent of total outstanding
RRBs will have a target of 75 per cent of their outstanding advances for priority sector lending and sub-sector targets as indicated in table below.
Categories Targets
Total Priority Sector 75 per cent of total outstanding*
-Agriculture 18 per cent of total outstanding
-Small and Marginal Farmers 8 percent of total outstanding
-Micro Enterprises 7.5 per cent of total outstanding
-Weaker Sections 15 per cent of total outstanding
Definition and Purpose: The Basic Savings Bank Deposit Account (BSBDA) is a type of account that aims to increase financial inclusion by providing basic banking facilities with minimum charges. There is no minimum balance requirement in BSBDA.
Home Study Content Banking Awareness Content
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Banking Awareness: Basic Savings Bank Deposit Account (BSBDA)
February 25, 2019136
Basic Savings Bank Deposit Account (BSBDA) byscoop
Basic Savings Bank Deposit Account (BSBDA): Do you now about the Basic Savings Bank Deposit Account (BSBDA)? What is Small Account? What is no-frills aaccount? What is Basic Savings Bank Deposit Account (BSBDA)? If you know then just go this post for a quick revision. If you don’t then read this post thoroughly.
Basic Savings Bank Deposit Account (BSBDA)
Definition and Purpose: The Basic Savings Bank Deposit Account (BSBDA) is a type of account that aims to increase financial inclusion by providing basic banking facilities with minimum charges. There is no minimum balance requirement in BSBDA.
The main and basic facilities provided under Basic Savings Bank Deposit Account (BSBDA) are mentioned below:
No requirement of minimum balance.
It is a normal banking service available to all (not only to poor people, it is for all and any one can open a BSBDA Account).
Services include deposit and withdrawal of cash at bank branch as well as ATM card
No limit on the number of deposits that can be made in a month; However maximum of four withdrawals in a month.
Facility of ATM card or ATM-cum-Debit Card
These facilities are provided without any charge by the bank. No charge will be levied for non-operation/activation of in-operative ‘Basic Savings Bank Deposit Account’.
Earlier it was known as No-frills’ accounts.
A person can have only one ‘Basic Savings Bank Deposit Account’ in one bank.
A person having ‘Basic Savings Bank Deposit Account’ in a bank will not be eligible for opening any other savings account in that bank. If he already has any other account he/she has to close it within 30 days.
However the person can have Term/Fixed Deposit, Recurring Deposit etc., accounts in the bank where one holds ‘Basic Savings Bank Deposit Account’.
Passbook is offered for free in BSBDA Account.
When BSBDA is opened on the basis of Simplified KYC, the accounts would be treated as “BSBDA-SMALL account”. The conditions of ‘BSBDA-Small Account’ are:
Total of all credits in a financial year does not exceed Rs. 1 Lakh;
Total of all withdrawals and transfers (Debits) in a month does not exceed Rs. 10,000; and
The balance at any point of time does not exceed Rs 50,000.
Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document.
Small Accounts can only be opened at CBS linked branches of banks.
For BSBDA Small Accounts:
Total of all credits in a financial year does not exceed Rs. 1 Lakh;
Total of all withdrawals and transfers (Debits) in a month does not exceed Rs. 10,000; and
The balance at any point of time does not exceed Rs 50,000.
Home Study Content Banking Awareness Content
Study ContentBanking Awareness Content
Banking Awareness: Basic Savings Bank Deposit Account (BSBDA)
February 25, 2019136
Basic Savings Bank Deposit Account (BSBDA) byscoop
Basic Savings Bank Deposit Account (BSBDA): Do you now about the Basic Savings Bank Deposit Account (BSBDA)? What is Small Account? What is no-frills aaccount? What is Basic Savings Bank Deposit Account (BSBDA)? If you know then just go this post for a quick revision. If you don’t then read this post thoroughly.
Basic Savings Bank Deposit Account (BSBDA)
Definition and Purpose: The Basic Savings Bank Deposit Account (BSBDA) is a type of account that aims to increase financial inclusion by providing basic banking facilities with minimum charges. There is no minimum balance requirement in BSBDA.
The main and basic facilities provided under Basic Savings Bank Deposit Account (BSBDA) are mentioned below:
No requirement of minimum balance.
It is a normal banking service available to all (not only to poor people, it is for all and any one can open a BSBDA Account).
Services include deposit and withdrawal of cash at bank branch as well as ATM card
No limit on the number of deposits that can be made in a month; However maximum of four withdrawals in a month.
Facility of ATM card or ATM-cum-Debit Card
These facilities are provided without any charge by the bank. No charge will be levied for non-operation/activation of in-operative ‘Basic Savings Bank Deposit Account’.
Earlier it was known as No-frills’ accounts.
A person can have only one ‘Basic Savings Bank Deposit Account’ in one bank.
A person having ‘Basic Savings Bank Deposit Account’ in a bank will not be eligible for opening any other savings account in that bank. If he already has any other account he/she has to close it within 30 days.
However the person can have Term/Fixed Deposit, Recurring Deposit etc., accounts in the bank where one holds ‘Basic Savings Bank Deposit Account’.
Passbook is offered for free in BSBDA Account.
When BSBDA is opened on the basis of Simplified KYC, the accounts would be treated as “BSBDA-SMALL account”. The conditions of ‘BSBDA-Small Account’ are:
Total of all credits in a financial year does not exceed Rs. 1 Lakh;
Total of all withdrawals and transfers (Debits) in a month does not exceed Rs. 10,000; and
The balance at any point of time does not exceed Rs 50,000.
Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document.
Small Accounts can only be opened at CBS linked branches of banks.
For BSBDA Small Accounts:
Total of all credits in a financial year does not exceed Rs. 1 Lakh;
Total of all withdrawals and transfers (Debits) in a month does not exceed Rs. 10,000; and
The balance at any point of time does not exceed Rs 50,000.