RBI to shortly issue Rs 500, Rs 100 notes of 2014 printing year

The Reserve Bank will shortly issue banknotes of Rs 500 and Rs 100 denominations in the Mahatma Gandhi series with 2014 as the printing year.

"The RBI will shortly issue Rs 500 denomination Banknotes incorporating rupee symbol on the obverse and reverse, with inset letter'E' in both the numbering panels, in the Mahatma Gandhi Series-2005," RBI has said.

Besides that, Rs 100 denomination banknotes will also be issued in the same series.

Currencies of both the denominations will bear the signature of RBI Governor Raghuram G Rajan.

RBI said the design of these banknotes will be similar in all respects to Rs 500 and Rs 100 banknotes printed in Mahatma Gandhi series-2005 issued earlier.

Also, all the banknotes in the denomination of Rs 500 and Rs 100 issued by the RBI in the past would continue to be legal tender, it said.

RBI has been introducing banknotes in the Mahatma Gandhi Series since 1996. It has so far issued notes in the denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 in this series.

RBI for two-stage verification for online transactions

Worried over rising number of frauds in online banking, the RBI has suggested that banks introduce two-stage authentication to ensure security of transactions.

The RBI report on 'Enabling Public Key Infrastructure (PKI) in Payment System Applications' said banks should also inform customers about risks associated with different types of online banking transaction.

"Internet banking applications of all banks should mandatorily create authentication environment for password- based two-factor authentication as well as PKI-based system for authentication and transaction verification in online banking transaction," the report said.

It also said customers should be given the option to choose from different methods of authentication for ensuring security of online transactions.

There are various PKI-enabled electronic payments systems introduced by RBI such RTGS, NEFT, CBLO, Forex Clearing, Government Securities Clearing, and Cheque Truncation System (CTS).

In volume terms, these systems contributed 25.1 per cent whereas these systems contributed 93.7 per cent share to the total payment transactions carried out in the year 2012-13 in value terms.

Non-PKI enabled payment systems contributed 75 per cent in volume terms but only 6.3 per cent in value terms in the year 2012-13.

"The objective of an effective payment system is to ensure a safe, secure, efficient, robust and sound payment system in the country. In order to secure electronic documents and transactions and to ensure legal compliance, digital technology is used," it said.

The report said that the banks may carry out in three phases PKI implementation for authentication and transaction verification.

"The banks have been mandated to issue EMV (card with chip and pin) to certain category of customers and for the other customers, banks have been given option to either issue EMV cards or adopt Aadhaar biometric authentication as additional factor of authentication," the report said.

YES Bank Q4 net up 19 per cent at Rs 430 cr; to raise upto $500 mn

Private sector lender YES Bank on Wednesday posted a 18.8 per cent jump in net profit at Rs 430.21 crore for the fourth quarter ended March 31, 2014.

The bank had a net profit of Rs 362.15 crore in the same quarter of the previous fiscal.

Total income of the bank rose to Rs 3,013.57 crore in January-March quarter as compared to Rs 2,667.03 crore in the same period previous fiscal, YES Bank said in a statement.

Net Interest Income improved by 12.8 per cent to Rs 719.6 crore as against Rs 638.1 crore in the year-ago period.

The bank proposed a dividend of 80 per cent, or Rs 8, per share for 2013-2014.

The board has also approved a proposal to raise funds by way of issuance of equity up to USD 500 million in one or more tranches.

The issuance may be by way of Qualified Institutions Placement (QIP) or any other international offering like Global Depository Receipts (GDRs)/American Depository Receipts (ADRs), or by any other appropriate mode as decided by the bank, it said.

For the entire fiscal ended March, 2014, the bank's net profit grew by 24.4 per cent at Rs 1,617.78 crore, compared to Rs 1,300.7 crore in the corresponding fiscal.

Total income increased to Rs 11,702.93 crore during the year, compared to Rs 9,551.43 crore in the earlier fiscal.

Net Interest Margin (NIM) remained unchanged at 3 per cent at the end of March 2014. At the same time, Capital Adequacy Ratio of the bank stood at 14.4 per cent during the period.

No ECBs for repaying rupee loans: RBI to banks

The Reserve Bank of India on Tuesday disallowed overseas branches of domestic banks from extending external commercial borrowings (ECBs) to manufacturing and infrastructure companies for repaying rupee loans.

"If the ECB is availed from overseas branches or subsidiaries of Indian banks, the risk remains within the Indian banking system," the RBI said in a notification.

"It has, therefore, been decided that repayment of rupee loans availed of from domestic banking system through ECBs extended by overseas branches or subsidiaries of Indian banks will, henceforth, not be permitted," the central bank said.

Manufacturing and infrastructure firms had been allowed to avail of ECBs to repay rupee loans from the domestic banking system and for fresh rupee capital expenditure under the approval route.

Further, the RBI said banks and their overseas units should not issue credit guarantees for overseas subsidiaries of Indian companies seeking to raise loans from other entities, expect for business needs.

Banks, including their overseas branches or subsidiaries, should not extend such facilities on behalf of overseas joint ventures, wholly owned units and wholly owned step-down subsidiaries of Indian companies for raising loans and advances from other entities except in connection with the ordinary course of overseas business, the RBI said.

The RBI said that in certain cases, such facilities were used to avail of foreign currency loans for repayment of rupee loans.

The RBI also cautioned banks from issuing guarantees where exporter borrowers were using export advances for repayment of loans taken from banks.

"It has, however, come to our notice that some exporter borrowers are using export advances, received on the strength of guarantees issued by Indian banks, for repayment of loans availed of from Indian banks.

"This is a clear violation of our instructions except in cases where banks have received approvals under FEMA and banks are advised to desist from such practices," RBI said.

Banks are allowed to issue guarantees for debt, obligation or other liability incurred by an exporter on account of exports from India to facilitate only export contracts and not other purposes.

Union Bank of India raised $350 million from bonds

State-owned Union Bank of India on Wednesday said it has raised $350 million (Rs 2,100 crore) through bonds from overseas marketto fund its expansion plan.

The 5.5 years bonds were priced at a spread of 280 basis points and was oversubcribed 3.4 times with demand from 150 investors, Union Bank of India said in a statement.

Geographically, 65 per cent of the bonds were allocated to Asia, 32 per cent to Europe and the remaining 3 per cent to offshore US.

This is part of $2 billion Medium Term Note Programme, it added.

Nokia gets Chinese approval for Microsoft deal

Nokia has received regulatory approval from Chinese authorities to sell its mobile phone unit to Microsoft Corp, removing one of the last major hurdles to the 5.4 billion-euro ($7.3 billion) deal.

The Finnish company said that it expects the transaction to close by the end of the month, having acquired the necessary approvals from regulatory bodies including in the US, the European Union and other jurisdictions.

Nokia Corp's share price jumped 5 per cent to close at 5.58 euros on the Helsinki Stock Exchange.

The deal, announced in September, includes the sale to Microsoft of Nokia's devices and services unit as well as a license to a portfolio of patents. It was originally planned to be completed during the first quarter of the year but was held up because of delays in acquiring regulatory approvals.

Nokia did not comment on whether it still needs approvals from other regulators to complete the deal, but said that it was making good progress and that the global process had "involved a thorough review of Nokia's patent licensing practices."

The consent from the Chinese Ministry of Commerce likely was the last major hurdle, according to several analysts.

"This was a great step forward in the deal. It effectively removes the last major obstacle for the acquisition to go through," said Tim Shepherd from Canalys in Reading, Britain.

Nokia said in a statement that no global authority had challenged its compliance with undertakings related to standard-essential patents "or requested that Nokia make changes to its licensing program or royalty terms."

In India, Nokia is contesting a legal case in which local authorities want it to pay sales tax on the export of devices made at Nokia's plant in Chennai. But the company has maintained that the case will not delay the deal with Microsoft.

US plans to allow spouse of H1B visa holder to work in America

Spouses of H-1B visa holders with technical skills may be allowed to work in the US under a new initiative by the Obama administration to attract the best and brightest from across the world.

The Department of Homeland Security (DHS) will soon publish several proposed rules that will make the US more attractive to talented foreign entrepreneurs and other high-skill immigrants who will contribute substantially to the US economy, create jobs, and enhance American innovative competitiveness, the White House said in a statement.

"These proposed regulations include rules authorising employment for spouses of certain high-skill workers on H-1B visas, as well as enhancing opportunities for outstanding professors and researchers," it said.

"These measures build on continuing DHS efforts to streamline, eliminate inefficiency, and increase the transparency of the existing immigration system, such as by the launch of Entrepreneur Pathways, an online resource center that gives immigrant entrepreneurs an intuitive way to navigate opportunities to start and grow a business," it said.

From the statement, it appears that spouses of H-1B visas are unlikely to get a blanket approval to work in the US. Only certain category of spouses of H-1B visa holders - mainly from the science and tech category - are likely to get the nod.

The White House also said the National Institutes of Health (NIH) and the National Science Foundation (NSF) are launching a new collaboration to empower entrepreneurial scientists and address the critical gap between fundamental research and the development of a commercial entity.

The H-1B work visas for highly skilled professionals have been most beneficial from IT sector professionals from India.

As per the Congressional mandated cap, US Citizenship and Immigration Services can allocate a maximum of 65,000 H-1B visas for the fiscal year 2015 beginning October 1, 2014. 

Apple shares reach 2014 highs, Asian stocks lag

Shares in tech heavyweights Apple and Facebook held hefty after-hours gains on Thursday as their results handily outpaced Wall Street expectations, though Asian markets managed only a mumbled cheer on the news.

South Korea's Samsung Electronics did gain 0.6 per cent but the main KOSPI index dipped a fraction. Markets were mixed across the region with Japan's Nikkei off 0.6 per cent but Singapore up 0.5 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan edged ahead by 0.1 per cent.

The outlook for the US market was brighter, however, with Nasdaq futures up 1.1 per cent and the S&P 500 E-mini adding 0.3 per cent.

Those gains came after Apple decided to buy back $30 billion of its shares through the end of 2015 and authorised a seven-for-one stock split.

Its shares jumped almost 8 per cent to $566.50 in after-hours trade, the highest since December and adding roughly $35 billion to its market worth.

Apple reported sales of 43.7 million iPhones in the quarter ended March, far outpacing forecasts. That drove a 4.6 per cent rise in revenue to $45.6 billion, a record for any non-holiday quarter.

The iPhone maker's strong performance did not translate into Asia as much as it usually does, with mixed trading seen among big tech players in Japan, South Korea and Taiwan.

Facebook Inc shares also boasted a 3.7 per cent jump after hours as the Internet social networking company topped Wall Street's financial targets.

The Nasdaq had ended on Wednesday 0.83 per cent lower, while the Dow eased 0.08 per cent and the S&P 500 lost 0.22 per cent.

Indian Navy Recruitment 2014 - Logistics Cadre Vacancies Online Application Form

Post Date :: Apr 19

Last Date :: May 04

Category :: Fresher

Type :: Permanent

Indian Navy invites applications from unmarried Male candidates for Permanent Commission in Logistics Cadre and unmarried Male and Female candidates for Short Service Commission in Education Branch and ATC of the Indian Navy, who fulfill the condition of nationalityas laid down by the Government of India for Course commencing Dec 2014 at the Indian Naval Academy (INA), Ezhimala, Kerala.

Eligible candidates may apply Online for this entry from Apr 14 - May 04, 2014 through provided Online application facility. Before Online application, candidates must read all instructions carefully and must have scanned copy of passport size photo and signature in digital form.

After Online application, the candidates must keep the copy of filled online form for future use.

Vacancies & Eligibility Criteria :

Post	Age*	Qualification	Pay Scale
Logistics/Works	19.5 - 25 Yrs	For PC(Logistics Cadre): (i) B COM/M COM (ii) BA/MA (Economics)(iii) BBA /MBA (iv) BBM/BMS(v) BCA/MCA (vi) BSc (IT)/MSc (IT) (vii) B.Tech/BE(any discipline) (viii) Graduate Degree with Post Graduate Diploma/ Degree in Materials Management (ix) ICWA (x) Chartered Accountancy. For Works :  (i) BE/B Tech Civil Engineering (ii) B Architecture	Rs. 15600 - 39100/-
Education	21 - 25 Yrs	(i) MSc Physics (with Maths in BSc) (ii) MSc Maths (with Physics in BSc) (iii) MSc Chemistry(iv) MA (English or History) (v) MCA (Physics or Maths at Graduation Level OR BE/B Tech/M Tech in any of the following disciplines:- (i) Mechanical (ii) Electronics & Communication (iii) Electrical & Electronics (iv) Electronics & Instrumentation (v) Electronics & Tele Communication (vi) Electrical (vii) Computer Science (viii) Information & Technology	Rs. 15600 - 39100/-
ATC	19.5 - 25 Yrs	(i) BSc in Physics/Maths or Electronics (ii) Msc in Physics/Maths or Electronics	Rs. 15600 - 39100/-

* For more details see official notice.

Important Dates :

Starting date for Submiting Online Application	Apr 14, 2014
Closing date for Submitting Online Application	May 04, 2014
Last date of receipt of hard copy of online form	May 14, 2014

Selection Procedure : The candidates will be issued call up for Services Selection Board (SSB) based on their performance in Degree Course. SSB interview will be conducted in two Stages. Stage I test consisting of intelligence test, Picture Perception and Discussion test will be conducted on the second dayof arrival at SSB. Candidates who fail to qualifyin Stage I will be routed back on the same day. Stage II tests comprising of Psychological testing, Group testing and Interview will last for 04 days.

Application Procedure : Candidate can submit only Online (e-application) for this entry between Apr 14 - May 04, 2014. After filling the form, Print two copies of the online Application Form having the system generated Application Number. One copy of this Application Form is to be duly signed and mailed (posted) to Post Box No. 04, Nirman Bhawan PO, New Delhi - 110 011 along with the following documents:- Self attested photo-graph, photo copies of 10th & 12th class certificates along with Mark Sheets, other educational certificates and mark sheets of all semesters/ years attested by gazetted officer.

A superscription is to be made on envelope : ONLINE APPLICATION NO. ____APPLICATION FOR PC (LOG)/SSC (EDUCATION)/SSC (ATC) - JAN 2015 COURSE Qualification ______ Percentage ___%.

Related :

• Official Notification
• Online Application Form

Southern western railway is inviting application

South Western Railway Act Apprentice Recruitment 2014 project announced, apply through  SouthWestern Railway 2014 job application form only.

Introduction : Career with Indian Railway provides stability, growth and better benefits than any other organisation. Sothern western railway serves states that include Karnataka Tamilnadu, Andhra Pradesh, Maharastra and Goa. To work with SWR, is an opportunity for job seekers and workforce for Indian railway. Currently South western railway has issued notification to inviteapplication from candidates to work as apprentice.

 Southern western railway is inviting application from candidates who want to work as act apprentice. There are 333 vacancies for trainees in various trade under
 Trade / Discipline wise vacancies
01. Fitter: 178 Posts
02. Machinist: 15 Posts
03. Turner: 20 Posts
04. Welder: 83 Posts
05. Electrician: 24 Posts
06. Ref A/C Mechanic: 13 Posts
    

Candidates applying against these vacancies require to have following qualifications :

Age

• Candidates minimum age on date 11/04/2014 should be more that 15 years but less than 24 years. Relaxation in age to candidates of reserved category will be made as per rules.

Educational Qualification

• Candidates should have matriculation certificate along with completed ITI certificate. ITI should be an approve institute by NCVT/SCVT.

Selection process
Selection of candidates will be based on merit list of marks obtained by them in matriculation exam. A merit list will be prepared and selected candidates will undergone medical examination. If candidate found medically fit, he/she will be finally selected for apprentice ship. Candidates need to sign a contract under Apprenticeship act 1961 for Railway Recruitment 2014. Candidates who have not completed their ITI need not to apply as their application will be rejected. Also, it is require that candidates applying as trainee should have registration with local employment exchange of Karnataka, Tamilnadu, Andhra Pradesh, Maharastra and Goa States. Training period of trainees will be of 2 years. Even after completion of training, there is no job assurance given by railways.
   

Interested candidates need to fill prescribed application form using ballpoint pen only. Candidates of unreserved category require to send two self addressed envelope of size 11” x 5”. 2 photograph of candidates one on application form and other for call letter should be sent duly signed by candidate and attested by Gazetted officer. Every certificate or document must be signed and attested by Gazetted officer with their official seal. Applications will be rejected if not attested. Dully filled, signed and attested application form can be deposited at Box kept in the Personnel Branch, Office of the Chief Workshop Manager, South Western Railway, Mysore South or candidates can sent through ordinary post on address

Office of the Workshop, Personnel Officer, Carriage Repair Workshop, South Western Railway, Gadag Road, Hubli 580020 (Karnataka) on or before 10-05-2014 by 17.00 hrs.
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Greater Bank Recruitment 2014

Greater Bombay Cooperative Bank Limited has decided to fill vacancies, therefore an advertisement regarding Greater Bank Recruitment 2014  for Treasuery Dealer, Assistant Manager & Chief Manager/ AGM released online at official bank of greaterbank i.e. www.greaterbank.com. Candidates now applying for this Greater Bank 2014 recruitment project, if you not hear about it, read this article and if complete minimum eligibility condition then submit online form at www.greaterbank.com. 

Greater Bank Recruitment 2014 Details
Job type:  Bank job in private sector bank
Post Name: 
1. Treasuery Dealer, 
2. Assistant Manager
3. Chief Manager/ AGM

Age: Lower & Upper age limit for post 1 & 2 is 30 - 40 years respectively, 40 - 45 years for Chief Manager/ AGM. No information about upper age relaxation for reserved candidate, for this read Greater Bank job notification 2014. 

Qualification: CA/ MBA /  LLB, LLM / CAIIB, MBA/ CA’s/ ICWA. Qualification is different for each post so it is advised read official notification carefully. 

How to Apply?
Only online application invites by Greater Bank at www.greaterbank.com/. Offline application process is not available and not valid so use only valid process to apply for  Greater BankRecruitment 2014. 

Advertisement & online form: http://www.greaterbank.com/Recruitments/Vacancy.aspx

State Bank of India (SBI) Probationary Officer (PO) 2014 syllabus

State Bank of India (SBI) Probationary Officer (PO) 2014 syllabus is a very important thing that every candidate has to look into and it is also advisable to the candidates that they must continuously refer to the syllabus at the starting of the preparation and also while the preparation is going on. 

State bank of India Probationary officer (PO) exam consists of 2 sections namely:

1. Objective type paper-I  -  200 Marks           ( Total Time : 2 hours)

2. Descriptive type Paper-II - 50 marks           ( Total Time : 1 hour )

Note: Negative Marking : 1/4th of Marks

Syllabus includes of the following section:

1. Reasoning (HIGH LEVEL)

2. Data Interpretation

3. English Language

4. General Awareness + Computer + Marketing Awareness

The above mentioned sections are from the Objective paper of the Exam whereas; the Descriptive paper also includes the English Language.

BELOW MENTIONED IS THE DETAILED SYLLABUS OF SBI PO 2014 SYLLABUS:

Objective type paper-I  200 Marks

A). ENGLISH LANGUAGE SYLLABUS OF SBI PO 2014:

AREA	NUMBER OF QUESTION	DIFFICULTY LEVEL
Reading Comprehension	10+10	Moderate to Difficult
Faulty Construction	15	Easy to Moderate
Jumbled Sentences	5	Easy to Moderate
Close Passages	10	Easy

Note: According to the analysis of previous year question paper there were two Reading Comprehensions.

B). REASONING (High Level) 

NAME	NUMBER OF QUESTION	DIFFICULTY LEVEL
Input - output	5	Difficult
Sentence coding	5	Easy
Logical Reasoning	15	Easy to Moderate
Syllogism	5	Moderate
Puzzle / Seating Arrangement	10	Moderate
Data Sufficiency	5	Moderate
Direction &other problem	5	Easy to Moderate

C) GENERAL AWARENESS SYLLABUS OF SBI PO 2014

Area	NUMBER OF QUESTION	DIFFICULTY LEVEL
Banking Awareness	14	Moderate to Difficult
Current Affairs	16	Easy to Moderate
Computer Awareness	10	Easy to Moderate
Marketing	10	Easy

D) DATA ANALYSIS & INTERPRETATION 

AREA	NUMBER OF QUESTION	DIFFICULTY LEVEL
Probability	5	Easy to Moderate
Line Graph	5	Moderate
Pie Charts	10	Moderate to Difficult
Bar Charts	15	Easy
Tables	15	Moderate to Difficult

DESCRIPTIVE SECTION SYLLABUS OF SBI PO – 50 Marks

1. Letter Writing

2. Paragraph Writing

3. Essay Writing

4. Precise Writing

5. Reading Comprehension

AREA	NUMBER OF QUESTION	TOPICS
Letter Writing	10	To a branch to close the saving account, To friend to attend a seminar on net banking, To a bank for higher education loan
Paragraph Writing	8	If I were an author, Rural Banking, Impact of autonomy provided to bank
Essay Writing	12	Right to education act, Financial Inclusion, How Technology can help banking sector
Precise Writing	10	Chief Vigilance Officer
Reading Comprehension	10	ATM and its uses

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