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I AM A STUDENT FROM NON MATHEMATICAL BACKGROUND AND SCARED OF MATHS. CAN YOU HELP ME IN SUCCEEDING ARTHIMETIC
20. What do you know by scheduled commercial banks? • Nationalised banks in the country, State Bank of India and group banks, Regional Rural banks, all private sector banks and foreign banks are called as scheduled commercial banks. • They are included in the second schedule of RBI act 1934. • They get licenses for conducting banking business as per Banking Regulation act, 1949 • They function either as a company registered as per Indian Companies act, 1956 or as a cooperative unit registered as per state or central cooperative societies act.
19. What do you know by demonetisation of currency notes in the country? • Recently Reserve Bank of India has decided to demonetize currency notes issued prior to 2005 • This decision has been taken by RBI to curb issue of fake currency notes in the country • RBI has decided to accept such currency notes till 1st January, 2015 • However, the currency notes can be considered to be the legal tender till such time RBI issues instructions to that effect
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