Q:Name Banks launched by BRICS nations.
A: New Development Bank (NDB).
Q: Name its chairperson.
A: Sh Kundapur Vaman Kamath (K.V. Kamath) FOUNDER chairman ICICI BANK.
Q:Where its HQ is located.
A:Shanghai (China).
Q: When it was launched.
A:21 July 2015.
Q: Outline its Objective.
A:To primarily fund infrastructure and development projects in five BRICS countries – Brazil, Russia, India, China and South Africa.
Q:What is contribution of countries.
A:China to contribute $41 billion to the NDB, giving it the largest share of voting rights at 39.5%. Brazil, India and Russia will each to contribute $18 billion, while South Africa to contribute $5 billion.
Q: What is RIDF.
A:Rural Infrastructure Development Fund (RIDF) was instituted in NABARD with an announcement in the Union Budget 1995-96 with the sole objective of giving low cost fund support to State Govts. and State Owned Corporations for quick completion of ongoing projects relating to medium and minor irrigation, soil conservation, watershed management and other forms of rural infrastructure.
Dr. Manmohan Singh, the then Hon’ble Union Finance Minister, while announcing the establishment of the RIDF, in his budget speech on 15 March 1995 stated:
A: New Development Bank (NDB).
Q: Name its chairperson.
A: Sh Kundapur Vaman Kamath (K.V. Kamath) FOUNDER chairman ICICI BANK.
Q:Where its HQ is located.
A:Shanghai (China).
Q: When it was launched.
A:21 July 2015.
Q: Outline its Objective.
A:To primarily fund infrastructure and development projects in five BRICS countries – Brazil, Russia, India, China and South Africa.
Q:What is contribution of countries.
A:China to contribute $41 billion to the NDB, giving it the largest share of voting rights at 39.5%. Brazil, India and Russia will each to contribute $18 billion, while South Africa to contribute $5 billion.
Q: What is RIDF.
A:Rural Infrastructure Development Fund (RIDF) was instituted in NABARD with an announcement in the Union Budget 1995-96 with the sole objective of giving low cost fund support to State Govts. and State Owned Corporations for quick completion of ongoing projects relating to medium and minor irrigation, soil conservation, watershed management and other forms of rural infrastructure.
Dr. Manmohan Singh, the then Hon’ble Union Finance Minister, while announcing the establishment of the RIDF, in his budget speech on 15 March 1995 stated:
"Inadequacy of public investment in agriculture is today a matter of general concern. This is an area, which is the responsibility of States. But many States have neglected investment in infrastructure for agriculture. There are many rural infrastructure projects, which have been started but are lying incomplete for want of resources. They represent a major loss of potential income and employment to rural population."
Q:List details of RIDF loan policy.
A:
Eligible Activities :
At present, there are 34 eligible activities under RIDF as approved by GoI. The eligible activities are classified under three broad categories i.e., Agriculture and related sector, Social sector and Rural connectivity.
Eligible Institutions:
State Governments / Union Territories, State Owned Corporations / State Govt. Undertakings, State Govt. Sponsored / Supported Organisations, Panchayat Raj Institutions/SHGs/ NGOs
Mode of Finance:
NABARD releases the sanctioned amount on reimbursement basis except for the initial mobilisation advance @ 30% to NE & Hilly States and 20% for other states.
Quantum of Loan and Margin/Borrower Contribution :
The project for rural connectivity, social and agri related sector, are eligible for loans from 80 to 95% of project cost. Cost escalation proposals for certain genuine reasons are considered within two years of sanction.
Rate of interest :
With effect from 01 April 2012, the interest rates payable to banks on deposits placed with NABARD and loans disbursed by NABARD from RIDF have been linked to the Bank Rate prevailing at that point of time.
Repayment period :
Loan to be repaid in equal annual installments within seven years from the date of drawal, including a grace period of two years. The interest shall be paid at the end of each quarter i.e. 31 March, 30 June, 30 September and 31 December every year, including grace period.
Penal Interest :
Interest on the overdue interest amount is to be paid at the same rate as applicable to the principal amount.
Security for Loan :
Loans sanctioned would be secured by the irrevocable letter of authority /mandate registered with Reserve Bank of India / any other Scheduled Commercial Bank, Time promissory Note(TPN), Execution of unconditional Guarantee from State Governments (Additionally required for support to State Govt. sponsored organisations, etc.) and acceptance of terms and conditions of sanction in the duplicate copy of the sanction letter.
Phasing of RIDF projects
The implementation phase for projects sanctioned is spread over 2-5 years, varying with type of the project and also location of the State.
Q:List details of RIDF loan policy.
A:
Eligible Activities :
At present, there are 34 eligible activities under RIDF as approved by GoI. The eligible activities are classified under three broad categories i.e., Agriculture and related sector, Social sector and Rural connectivity.
Eligible Institutions:
State Governments / Union Territories, State Owned Corporations / State Govt. Undertakings, State Govt. Sponsored / Supported Organisations, Panchayat Raj Institutions/SHGs/ NGOs
Mode of Finance:
NABARD releases the sanctioned amount on reimbursement basis except for the initial mobilisation advance @ 30% to NE & Hilly States and 20% for other states.
Quantum of Loan and Margin/Borrower Contribution :
The project for rural connectivity, social and agri related sector, are eligible for loans from 80 to 95% of project cost. Cost escalation proposals for certain genuine reasons are considered within two years of sanction.
Rate of interest :
With effect from 01 April 2012, the interest rates payable to banks on deposits placed with NABARD and loans disbursed by NABARD from RIDF have been linked to the Bank Rate prevailing at that point of time.
Repayment period :
Loan to be repaid in equal annual installments within seven years from the date of drawal, including a grace period of two years. The interest shall be paid at the end of each quarter i.e. 31 March, 30 June, 30 September and 31 December every year, including grace period.
Penal Interest :
Interest on the overdue interest amount is to be paid at the same rate as applicable to the principal amount.
Security for Loan :
Loans sanctioned would be secured by the irrevocable letter of authority /mandate registered with Reserve Bank of India / any other Scheduled Commercial Bank, Time promissory Note(TPN), Execution of unconditional Guarantee from State Governments (Additionally required for support to State Govt. sponsored organisations, etc.) and acceptance of terms and conditions of sanction in the duplicate copy of the sanction letter.
Phasing of RIDF projects
The implementation phase for projects sanctioned is spread over 2-5 years, varying with type of the project and also location of the State.
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