SBI - RECRUITMENT TO ASSOCIATE BANKS

Recruitment to Clerical Cadre in Associate Banks of SBI

State Bank of India(SBI) clerk recruitment has been announced.Though the posts are in SBI associate banks, they are still a part of the State bank group.State Bank of India is India`s largest public sector bank with administrative office in Mumbai.As part of the 2012 recruitment project, the 5 associate banks have come together to fill clerical leval posts.

Clerks : 7740 posts

breakup of vacancies

• State bank of Bikaner & Jaipur (SBBJ) - 1400
• State bank of Hyderabad (SBH) – 1880
• State bank of Mysore (SBM) - 800
• State bank of Travancore (SBT) - 2500
• State bank of Patiala (SBP) – 1160

Important Dates:

On-line Registration of Applications From : 30.07.2012
Last Date for Registration of Online Applications : 13.08.2012
Payment of Fees - Offline : 01.08.2012 to 17.08.2012
Payment of Fees - Online : 30.07.2012 to 13.08.2012
Dates of Written Examination : 07.10.2012 and 14.10.2012
Bank may conduct written test on more than two dates, if need be.

Educational Qualification (as on 01.08.2012):
i) Minimum 12th Standard (10 + 2) pass or equivalent qualification with a minimum of aggregate 60% marks (55% for SC/ ST/ PWD/ XS). OR
ii) A degree (Graduation level) from a recognised university.

Age: (As on 01.08.2012):
 Minimum Age : 18 years ; Maximum Age: 28 years (as on 01.08.2012). Candidates born not earlier than 02.08.1984 and not later than 01.08.1994, both days inclusive are only eligible to apply.

Selection procedure:

As part of the SBI associate bank`s recruitment process Written test & Interview are to be conducted.The written test consists only of Objective type questions under the sections,

General awareness, General english, Quantitative aptitude, Reasoning & Marketing aptitude/ Computer Knowledge.

While the bank shall decide qualifying marks, registrants must pass in each section.For every wrong answer – 0.25 would be reduced as negative mark

For the purpose of holding interviews, candidates will be shortlisted in the ratio of 1:3 based on the minimum score fixed.

·                     Click here to download Detailed Advertisement-English

·                     Click here to download Detailed Advertisement-Hindi

• On-line Registration of Application : 30.07.2012 to 13.08.2012
• Payment of Fees – Offline (at SBI Branches) : 01.08.2012 to 17.08.2012
• Payment of Fees – Online : 30.07.2012 to 13.08.2012

GK

1. The Foreign Exchange Reserve of India are kept in the custody of……
(A) World Bank
(B) International Monetary Fund
(C) Prime Minister Rahat Kosh
(D) Reserve Bank of India
(E) None of these
Ans. (D) Reserve Bank of India
2. The Reserve Bank of India issues coins and notes of various denominations. At present RBI does not issue coins of which of the following denominations ?
(A) 10 paise
(B) 20 paise
(C) 25 paise
(D) 50 paise
(E)  Both B and C
Ans. (E)
3. The European Union has adopted which of the following as a common currency ?
(A) Dollar
(B) Dinar
(C) Yen
(D) Peso
(E) Euro
Ans. (E) Euro
4. Various Banks in the country have installed machines which disburse money to general public. These machines are called……
(A) Coin dispensing machines
(B) ATMs
(C) Debit Card Machines
(D) Ledger Machines
(E) None of these
Ans. (B) ATMs
5. Which of the following names is not associated with the insurance business in India ?
(A) Bajaj Allianz
(B) LIC
(C) GIC
(D) Tata AIG
(E) GE Money
Ans. (E) GE Money
6. Commodity Exchanges at various places in India are trading in many metals like gold, silver, etc. Many times we read in newspapers that gold no more has emained the highest trading option and has been replaced by a non-traditional metal known as……
(A) copper
(B) steel
(C) zinc
(D) white gold
(E) None of these
Ans. (D) white gold
7. Which of the following is known as Plastic money ?
1. Demand Draft
2. Credit Card
3. Debit Card
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 2 and 3
(E) All 1, 2 and 3
Ans. (D) Both 2 and 3
8. Many a time we see a term in newspapers ‘IPO’. What is the full form of the same ?
(A) Indian Public Offer
(B) Institutional Purchase
(C) Industrial Purchase Order
(D) Indian Purchase Offer
(E) Initial Public Offer
Ans. (E) Initial Public Offer
9. Many a times we read in financial newspapers a term/name NMCEX. What is the full form of the same ?
(A) New Multi Capital Exchange
(B) National Medium Commodity Exchange
(C) National Multi Commodity Exchange
(D) Net Marketable Commodity Exchange
(E) None of these
Ans. (C) National Multi Commodity Exchange
10. Many Banks these days are entering into business of offering loans against property. This business of the banks can be categorized under which of the following heads of banking ?
(A) Corporate Banking
(B) Personal Banking
(C) Merchant Banking
(D) Portfolio Management Service
(E) None of these
Ans. (B) Personal Banking
11. Which of the following organizations/banks has done a commendable work in the field of micro finance and was awarded Nobel Prize also in the past ?
(A) Gramin Bank of Bangladesh
(B) CRY
(C) ASHA
(D) NABARD
(E) None of these
Ans. (A) Gramin Bank of Bangladesh
12. Nobel Prizes are not given for the performance in the area of…
(A) Literature
(B) Physics
(C) Chemistry
(D) Music
(E) Medical Science
Ans. (D) Music
13. In which of the following Hindi films has actor Shahrukh Khan played the role of a Hockey Coach ?
(A) Guru
(B) Chak De India
(C) Om Shanti Om
(D) Jab We Met
(E) None of these
Ans. (B) Chak De India
14. Which of the following countries has not made any significant investment in India ?
(A) Japan
(B) USA
(C) Nepal
(D) Britain
(E) France
Ans. (C) Nepal
15. Which of the following is considered an informal method of getting credit/finance ?
(A) Internet Banking
(B) Branch visits
(C) Going to money lenders
(D) Tele Banking
(E) All of these
Ans. (C) Going to money lenders
16. Which amongst the following nations is not a member of the SAARC ?
(A) Bangladesh
(B) Bhutan
(C) Nepal
(D) Maldives
(E) South Africa
Ans. (E) South Africa
17. Which of the following indexes is developed to measure life expectancy, level of literacy, education and standard of living of people in a country ?
(A) Inflation
(B) Sensex
(C) Human Development Index
(D) SLR
(E) None of these
Ans. (C) Human Development Index
18. Which of the following is not a Public Sector Unit/Undertaking/Agency ?
(A) ECGC
(B) SEBI
(C) SIDBI
(D) Axis Bank
(E) BHEL
Ans. (B) SEBI
19. Which of the countries represent letter ‘C’ in the category known as BRIC countries ?
(A) Canada
(B) Chile
(C) Cuba
(D) Croatia
(E) China
Ans. (E) China
20. Who amongst the following addresses the nation on the Independence Day from the ramparts of the Red Fort, Delhi ?
(A) President of India
(B) UPA Chairperson
(C) Speaker of the Lok Sabha
(D) Prime Minister of India
(E) None of these
Ans. (D) Prime Minister of India
21. Which of the following awards is given for excellence in the field of sports ?
(A) Kalidas Samman
(B) Dhyanchand Award
(C) Shram Vir Award
(D) Shanti Swarup Bhatnagar Award
(E) None of these
Ans. (B) Dhyanchand Award
22. Which of the following does not represent the name of a bank working in India ?
(A) YES
(B) HDFC
(C) TATA
(D) Kotak Mahindra
(E) Axis
Ans. (C) TATA
23. Twenty-20 matches are played in the game of……
(A) Hockey
(B) Football
(C) Badminton
(D) Tennis
(E) Cricket
Ans. (E) Cricket
24. Which of the following deals between India and one major country was put on a hold for some time as India is finding difficult to implement it ?
(A) 123 Pact with USA
(B) Fifth generation fighter plane deal with Russia
(C) Heavy Water deal with Iran
(D) Border talks with China
(E) None of these
Ans. (A) 123 Pact with USA
25. Which of the following is a type of tax levied by the Govt. on goods and services ?
(A) SAT
(B) NET
(C) PAN
(D) VAT
(E) None of these
Ans. (D) VAT
26. As per the news appeared in some major newspapers India is number two in getting ‘PE’. What is the full form of ‘PE’ as used in the financial world ?
(A) Professional and Ecofriendly
(B) Profitable Equity
(C) Profitable and Economical
(D) Private and Economical
(E) Private Equity
Ans. (E) Private Equity
27. Many a times we read in newspapers about ‘Financial Inclusion’. What does it really mean ? [Pick up correct statement(s)]
1. Allow the merger and acquisition of banks so that only few big banks exist and continue to cater to the need of corporate sector.
2. Expending the network of banks in such a way that people from lower strata of society also get the benefit of services provided by banks.
3. Providing Insurance cover to each and every citizen so that he/she can live a healthy and long life.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 and 2
(E) All 1, 2 and 3
Ans. (B) Only 2
28. Which of the following organizations recently issued some guidelines related to ‘Participatory Notes’ as used in financial world ?
(A) RBI
(B) IRDA
(C) SEBI
(D) AMFI
(E) None of these
Ans. (C) SEBI
29. Heavy Water is normally used by which of the following industries ?
(A) Nuclear Power generation plants
(B) Pharma Industry
(C) Paper Industry
(D) Sugar plants
(E) None of these
Ans. (A) Nuclear Power generation plants
30. As per news items published in various newspapers, Italy has offered its help in developing ‘SMEs’ in India. What is the full form of ‘SME’ ?
(A) Small and Monopolistic Economy
(B) Small and Medium Enterprises
(C) Speedy and Mechanical
(D) Small and Medium Level Economy
(E) None of these
Ans. (B) Small and Medium Enterprises
31. Which of the following statements about the ‘exports’ from India is true ?
1. Exports are showing good rate of growth.
2. Exports are growing in volume but still they are poorer than imports in terms of value.
3. Exports are not improving the way they were growing two years back.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 and 3 are correct
(E) None of these
Ans. (C) Only 3
32. Which of the following countries for the first time elected a lady as its President recently ?
(A) Argentina
(B) China
(C) New Zealand
(D) Russia
(E) None of these
Ans. (A) Argentina
33. The Govt. of India keeps on clearing the proposal of setting up new SEZs at several places. What does the letter ‘S’ represent in the ‘SEZ’ ?
(A) Soft
(B) Small
(C) Special
(D) Supportive
(E) None of these
Ans. (C) Special
34. Which of the following is not a foodgrain ?
(A) Wheat
(B) Rice
(C) Maize
(D) Jowar
(E) Cotton
Ans. (E) Cotton
35. Who amongst the following was made the Chairman of the National Land Reforms Council ?
(A) Smt. Sonia Gandhi
(B) Arjun Singh
(C) Pranav Mukherjee
(D) Kamal Nath
(E) Manmohan Singh
Ans. (E) Manmohan Singh
36. Various Govt. agencies/organizations are given responsibilities for implementing various policies/decisions of the Govt. of India. Policies about credit flow to the agricultural/priority sector are framed/implemented through which of the following apex bodies ?
(A) ECGC
(B) NABARD
(C) UTI
(D) IDBI Bank
(E) None of these
Ans. (B) NABARD
37. As we read every then and now the Monetary and Credit Policy is reviewed and changes/corrections are made frequently. Who amongst the following exactly takes this decision in India ?
(A) Deputy Chairman, Planning Commission
(B) Prime Minister
(C) Finance Minister
(D) Chairman Finance Commission
(E) None of these
Ans. (E) None of these
38. The World Bank sanctioned Rs. 18,000 crores to which of the following states for its Poverty Alleviation Programme ?
(A) Karnataka
(B) Gujarat
(C) Maharashtra
(D) Uttar Pradesh
(E) None of these
Ans. (D) Uttar Pradesh
39. The UNO has declared year 2008 as the year of……
(A) AIDS Prevention
(B) Potato
(C) Water Harvesting
(D) Social Justice to Children
(E) None of these
Ans. (B) Potato
40. Who amongst the following is the author of the book ‘Pakistan– The Gathering Storms’ ?
(A) Benazir Bhutto
(B) Parvez Musharraf
(C) Arun Shourie
(D) Arun Gandhi
(E) None of these
Ans. (A) Benazir Bhutto
41. Which of the following is not a gallantry Award ?
(A) Vir Chakra
(B) Jeevan Raksha Padak
(C) Ashok Chakra
(D) Mahavir Chakra
(E) Saraswati Samman
Ans. (E) Saraswati Samman
42. Which of the following states has approved sharing Neyyar Irrigation Project water with Tamil Nadu ?
(A) Karnataka
(B) Andhra Pradesh
(C) Kerala
(D) Maharashtra and Karnataka
(E) None of these
Ans. (C) Kerala
43. Which of the following is not a foreign bank working in India ?
(A) HSBC
(B) Barclays
(C) Standard Chartered
(D) Yes Bank
(E) All are foreign banks
Ans. (D) Yes Bank
44. Who amongst the following is the Chairman of the 13th Finance Commission ?
(A) Bimal Jalan
(B) Y. V. Reddy
(C) C. Rangarajan
(D) Vijay Kelkar
(E) None of these
Ans. (D) Vijay Kelkar
45. India has the least or negligible trade relations with …………
(A) Japan
(B) Britain
(C) South Africa
(D) Uganda
(E) Iran
Ans. (D) Uganda
46. Your friend has received a sum of Rs. 10000 from his grandparents. He wants to deposit this sum in a bank under a condition of not to withdraw fully or partially for at least two years. He will be needed to open which type of account in the bank ?
(A) Small savings account
(B) Current account
(C) Fixed deposit account
(D) Demat account
(E) None of these
Ans. (C) Fixed deposit account
47. Recently, this was in news that ASEAN is an association of ……
(A) Commonwealth nations
(B) SAARC nations
(C) South-Eastern Asian nations
(D) Oil-exporting nations
(E) African nations
Ans. (C) South-Eastern Asian nations
48. Names of two important persons are often visible in newspapers/magazines/electronic media. These names are Dr. C. Rangarajan and Dr. Bimal Jalan. Which of the following facts are identical in the life of both these two persons ?
(A) Both are principal economic advisors to the Prime Minister
(B) Both are the Members of the Lok Sabha
(C) Both are the former Governors of RBI
(D) Both were the Finance Ministers of India
(E) There is nothing similar in both
Ans. (C) Both are the former Governors of RBI
49. Which of the following places of West Bengal was in news recently, since some violent incidences took place due to an attempt of agricultural land aquisition for industrial purposes ?
(A) Khadakpur
(B) Nandigram
(C) Howrah
(D) Bolepur
(E) None of these
Ans. (B) Nandigram
50. In accordance with the reports published in the papers/magazines, the Government of India and some NGOs have declared/started some projects to help/ to provide relief to the farmers in general and specially to perplexed farmers. Which of the following is not such a plan ?
(A) Crop insurance plan
(B) E-Chaupal
(C) Subsidy for chemical fertilizers
(D) Reconstruction of watershade/water-bodies
(E) Mid-day meal
Ans. (E) Mid-day meal

GK SPCIAL

GK SPECIAL

. Silicon Valley legend Steve Jobs resigned as chief executive of Apple Inc on 24 August 2011. In which year was Apple founded?
a. 1970
b. 1973
c. 1975
d. 1976
Answer: (d)

2. How many Indian companies were ra1nked among the top 200 Asia-Pacific corporations in Forbes Asia's 'Best Under a Billion' list for 2011 released on 31 August 2011?
a. 65
b. 35
c. 23
d. 14
Answer: (b)

3. Which company signed a memorandum of understanding (MoU) with Japan-based Nippon Life Insurance for collaboration opportunities, including strategic partnership, across all financial services businesses?
a. Reliance Capital
b. Life Insurance Corporation
c. Max New York Life Insurance
d. Bharti AXA Life Insurance
Answer: (a)

4. Which of the following banks set up two loan processing centres for the small and medium enterprise (SME) segment on a pilot basis in Bangalore & in New Delhi in September 2011?
a. Corp Bank
b. United Bank of India
c. Syndicate Bank
d. Bank of Baroda
Answer: (c)

5. Which PSU topped the list by clinching five awards including the best financial performance award in Maharatna and Navaratna category among the Public Sector Enterprises in September 2011?
a. BHEL
b. ONGC
c. NTPC
d. Indian Oil
Answer: (b)

6. Which Indian PSU bank in tune with its plans to expand its retail division in the UK entered the mortgage market in the country for the first time?
a. Punjab National Bank
b. Oriental Bank of Commerce
c. State bank of India
d. Indian Overseas Bank
Answer: (c)

7. Name the chairman and managing director of Madison World, who was unanimously elected as chairman of the Audit Bureau of Circulations (ABC), the body that monitors sales of publications, for the year 2011-12.
a. T Venkattram Reddy
b. Aritra Sarkar
c. Madhukar Kamath
d. Sam Balsara
Answer: (d)

8. Which Indian mining company in India got the Finance Ministry’s permission to acquire stakes in overseas unlisted firms?
a. Bharat Gold Mines Limited
b. Neyveli Lignite Corporation
c. Sesa Goa
d. Coal India Ltd
Answer: (d)

9. Which of the following companies entered into a partnership with the department of information technology to provide rural population socially oriented investment options?
a. UTI Infrastructure Technology
b. L&T Infrastructure
c. ICICI Mutual Fund
d. RIL
Answer: (a)

10. Which Indian mining company in India got the Finance Ministry’s permission to acquire stakes in overseas unlisted firms?
a. Bharat Gold Mines Limited
b. Neyveli Lignite Corporation
c. Sesa Goa
d. Coal India Ltd
Answer: (d)

11. Which of the following companies entered into a partnership with the department of information technology to provide rural population socially oriented investment options?
a. UTI Infrastructure Technology
b. L&T Infrastructure
c. ICICI Mutual Fund
d. RIL
Answer: (a)

12. Which of the following public sector banks in November 2011 froze its lending to the power sector?
a. State Bank of India
b. Allahabad Bank
c. Punjab National Bank
d. United Bank of India
Answer: (b)

13. Which private bank for the first time became the most valuable lender in the country overtaking the 204-year-old State Bank of India in market capitalization on 15 November 2011?
a. ICICI
b. HDFC
c. HSBC
d. ABN Amro
Answer: (b)

14. Who did General Motors appoint on 15 November 2011 as president and MD of India operations with effect from 1 January 2012?
a. Tim Lee
b. Karl Slym
c. Chi Len
d. Lowell Paddock
Answer: (d)

15. Who was on 23 November 2011 chosen to succeed Tata group chairman Ratan Tata as the group’s new chairman in 2012 when Ratan Tata formlly retires?
a. Cyrus P. Mistry
b. Noel Tata
c. N Chandrasekaran
d. R Gopalakrishnan
Answer: (a)

16. Which PSU bank in November 2011 decided to abolish pre-payment charges on home loans, giving some succour to borrowers who want to foreclose their accounts?
a. Punjab National Bank
b. Bank of India
c. Corp Bank
d. State Bank of India
Answer: (d)

17. Reserve Bank of India (RBI) approved the restructuring of an airline's working capital loan liability of Rs 22000 crore. Name the airline.
a. Air India
b. Kingfisher
c. Indigo
d. SpiceJet
Answer: (a)

18. Which Hyderabad-based drug discovery research and development organisationon 28 November 2011 entered into an alliance with the Moulder Centre for Drug Discovery Research at Temple University, Philadelphia?
a. Ranbaxy
b. Cipla
c. GVK Biosciences (GVK BIO)
d. Sanofi-Aventis
Answer: (c)

19. Which Power distribution company on 5 December 2011 announced change of its name to Tata Power Delhi Distribution Limited?
a. North Delhi Power Limited (NDPL)
b. Adani Power
c. Lanco Infratech
d. CLP Power
Answer: (a)

20. Which bank signed a memorandum of understanding with Life Insurance Corporation of India (LIC) to use the National Electronic Funds Transfer (NEFT) facility to facilitate electronic funds transfer of policy payments to policyholders?
a. IDBI
b. Corp Bank
c. Indian Overseas Bank
d. Dhanlaxmi Bank
Answer: (d)

21. Which PSU lender decided to aggressively market its gold loan scheme for farmers to prevent defaults after the agriculture sector witnessed a sharp spike in bad debt in the past one year?
a. Union Bank
b. United Bank of India
c. Industrial Development Bank of India
d. State Bank of India
Answer: (d)

22. Who did the Central Government appoint as Chairman and Managing Director (CMD) of Andhra Bank?
a. B. A. Prabhakar
b. O. P. Bhatt
c. Pratip Chaudhuri
d. S. Vishvanathan
Answer: (a)

23. The directorate general of hydrocarbons (DGH), the technical arm of the oil ministry approved which company’s proposal to commence production from Bhagyam, the second-largest oil field in the Rajasthan block?
a. Essar Oil
b. ONGC
c. Cairn India
d. Indian Oil
Answer: (c)

24. Which of India's leading commodity bourses on 20 December 2011 became the world's fifth-largest commodity futures exchange?
a. National Multi Commodity Exchange of India
b. Bharat Diamond Bourse
c. Multi Commodity Exchange
d. Bombay Stock Exchange
Answer: (d)

25. Name the state-run Mumbai-headquartered bank which on 29 December 2011 surprised the market by cutting its base rate, the minimum lending rate, by 10 basis points, thereby becoming the first banker this year to do so when others are waiting for a signal from the central bank.
a. State Bank of India
b. Union Bank
c. United Bank of India
d. Allahabad Bank
Answer: (b)

IPL-2012

IPL 2012

Top Run Scorers

Player	Matches	Runs	Average
Chris Gayle(RCB)	15	733	61.08
Gautam Gambhir(KKR)	17	590	36.87
Shikhar Dhawan(DC)	15	569	40.64

Top Wicket Takers

Player	Matches	Wickets	Average
Morne Morkel	16	25	18.12
Sunil Narine	15	24	13.50
Lasith Malinga	14	22	15.90

QUESTION AND ANSWER

1.  Which Indian player was put on maximum bid of whopping 2 million dollars in IPL 2012 auction?

Ravindra Jadeja

2.  In which IPL team Ravindra Jadeja was playing in earlier seasons?

Rajasthan Royals

3.  Which two teams bid the maximum amount for Ravindra Jadeja?

Deccan chargers and Chennai Super Kings

Ravindra Jadeja was bought for staggering amount of $2 million by which IPL team in IPL auction 2012 held at ITC Royal Gardenia,Bangalore on 4th February,2012?

4.  In which IPL team Brendon Mccullum will be playing in 2012 season?

Kolkata Knight Riders

5.  Which IPL team won the bid for Muttiah Muralidaran in IPL auction 2012

Royal Challengers Bangalore

6.  Herchelle Giibbs was bought by which IPL team for $50000 in 2012 auction?

Mumbai Indians

7.  Kings XI Punjab team had won the bid for which Pakistan allrounder?

Azhar Mahmood

8.  In which IPL team australian fast bowler Mitchell Jhonson will be playing in 2012 season?

Mumbai Indians

9. Who is the owner of Chennai Super Kings team?

India Cements

10. Who is the owner of Deccan Chargers team?

Deccan Chronicle

11. Who is the owner of Delhi Daredevils team?

GMR

12. Who is the owner of Kings XI Punjab team?

Priety Zinta, Ness Wadia, Karan Paul and Mohit Burman

13. Who is the owner of Kolkata Knight Riders team?

Shahrukh Khan (Red Chillies Entertainment)

14. Who is the owner of Mumbai Indians team?

Mukesh Ambani (Reliance Industries Limited)

15. Who is the owner of Rajasthan Royals team?

Emerging Media

16. Who is the owner of Royal Challengers Bangalore team?

Vijay Mallaya (UB Group)

RuPay - INDIA'S REPLY TO VISA AND MASTER CARD

The National Payment Corporation of India (NPCI) has charted out a three year growth plan to expand base of its newly launched first-ever indigenous payment gateway - Rupay. This in turn, is likely to give a good run for money to the multinational biggies like Visa or MasterCard. It now plans to use its just-launched debit cards for online transactions.

"RuPay market share is currently not so significant. However, our growth plan will make it a major rival force to other two existing players in next three-five years," A P Hota, Chief Executive Officer told.

We have crossed initial two levels of growth for RuPay. In September, we will add internet acceptability to our existing RuPay debit card. We have already closed a deal with a US based IT-solution provider. Later in March 2013, we will issue RuPay-enabled international debit cards. Finally, we will launch RuPay credit cards in March, 2015," said Hota.

NPCI, promoted by 10 banks under the aegis of IBA had introduced RuPay enabled ATM CARDS in June, 2011. Two lakh ATM cards are already in the market. On March 26, 2012 it launched debit cards, which can be used in ATMs and different point of sales (PoS). So far, four banks including Union bank of India, Bank of India, State Bank of India and Axis bank have joined the network of RuPay debit cards. This means, a customer of any of those banks can use such debit cards.

NPCI, according to Hota, is in talks with ICICI BANK and HDFC BANK , the lenders with majority of PoS terminals. Together these two entitites own more than half of India's 6 lakh total PoS terminals. At present, RuPay is accepted in 2.10 lakh PoS terminals enabled by Axis Bank and SBI . Such terminals are kept in different merchant outlets wherein you can swipe your debit or credit card.

"Both ICICI Bank and HDFC Bank are in the process of rebuilding the system. They have indicated joining the network in July. So, RuPay card's acceptance in all 6 lakh terminals is a time-taking affair," Hota said.

So, what lure banks to RuPay?

Answer: It is cost effective.

Banks have to pay less to the payment gateway provider. For example, banks have to pay nearly Rs 2 for a customer's transaction size of Rs 1,600 in RuPay network while the same is around Rs 2.80 with Visa or MasterCard.

Secondly, there is no entry fee for banks to enter RuPay network while lenders would have to pay around Rs 25 lakh each in case of other two providers.

Finally, banks need not pay a minimum quarterly fee in the RuPay network. However, the same fee would be in the range of Rs 10-30  lakh for other two major gateways. 

Moreover, RuPay helps in financial inclusion as many co-operative banks and regional rural banks (RRBs) are included in its network.

"RuPay has just issued the debit card. They will have to build the customer base on this. We are looking at all options to join any payment network. Once the Rupay's commercial operation get fully functional, we will be able to compare the cost structure of different gateways," said a retail head of a large PRIVATE SECTOR BANK who does not wish to be named.

ECONOMIC SURVEY 2011-12 IN BRIEF

·         GDP growth rate pegged at 6.9% this fiscal; forecasts for 2012-13 is 7.6% and for 2013-14 is 8.6%.

·         Agriculture forecast at 2.5%. services sector grows by 9.4%; its share in GDP rises to 59%.

·         Industrial growth pegged at 4-5%, expected to improve.

·         Inflation to tone down by year end.

·         Fiscal consolidation on track – savings and capital formation expected to rise.

·         Exports grew at 40.5% in the first half of current fiscal and imports grew 30.4%. Forex reserves rise to nearly cover the entire external debt stock.

·         Central spending on social services hiked to 18.5% this fiscal.

·         MNREGA coverage rises to 5.49 crore households in 2010-11.

Sustainable development and climate change concerns high on priority.