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15 JULY
CLASS TIMING- 8:45-9:30
Topic: PRIORITY SECTOR LENDING
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Tomorrow
#BANKING #AWARENESS
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11 Am
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Team Knowledgists
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SUMMITS AND VENUE


1. G-20 SUMMIT:

πŸ”— 15th Edition (2020) :
Riyadh, South Africa
πŸ”— 16th Edition (2021) :
Italy
πŸ”— 17th Edition (2022) :
Indonesia
πŸ”— 18th Edition (2023) :
India
πŸ”— 19th Edition (2024) :
Brazil

2. BRICS SUMMIT:

πŸ”— 12th Edition (2020) :
Russia
πŸ”— 13th Edition (2021) :
India

3. G-7 SUMMIT :

πŸ”— 46th Edition (2020) :
United States
πŸ”— 47th Edition (2021) :
United Kingdom
πŸ”— 48th Edition (2022) :
Germany
πŸ”— 49th Edition (2023) :
Japan
πŸ”— 50th Edition (2024) :
Italy

4. ASEAN SUMMIT :

πŸ”— 36th Edition (June 2020) :
Vietnam
πŸ”— 37th Edition (Nov 2020):
Vietnam
πŸ”— 38th Edition(April/May 2021):
Brunei
πŸ”— 39th Edition (Oct/Nov 2021):
Brunei
❇️ Important Sections of RBI Act 1934 ❇️

There are total 61 Sections in the RBI Act 1934.

πŸ‘‰πŸ»Important Sections in the RBI Act 1934
Section 3: Establishment and incorporation of Reserve Bank.

Section 4: Capital of the Bank. The capital of the Bank shall be five crores of rupees.

Section 6: Establishment of Offices, branches and agencies

Section 8: The composition of central board of Reserve Bank of India

Section 17: The business that RBI can carry out

Section 20: Obligation of the Bank to transact Government business.

Section 21: Bank to have the right to transact Government business in India.

Section 21A: Bank to transact Government business of States on agreement.

Section 22: Right to issue bank notes.

Section 24: Denominations of notes. (1) Subject to the provisions of sub-section (2), bank notes shall be of the denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees or of such other denominational values, not exceeding ten thousand rupees.

Section 27: Re-issue of notes. The Bank shall not re-issue bank notes which are torn, defaced or excessively soiled.

Section 26 (1): Defines legal tender of notes

Section 26(2): Withdrawal of legal tender of notes

Section 42: Cash reserves of scheduled banks to be kept with the Bank.

Section 45(U): Defines repo, reverse repo, derivative, money market instruments and securities.

The first schedule of the RBI Act 1934 defines the 4 areas under which the Indian states should come. The 4 areas are Western Area, Eastern Area, Northern Area, Southern Area

The second schedule of the Act lists all the SCHEDULED BANKS in India.