DAILY DRILL-14

LONDON: The coveted gold medal eluded India at the London Games but thanks to its best-ever haul of six medals, the country finished 55th in the medal standing at the Olympics Games, that concluded on Sunday.

India, who stood 50th in the Beijing Games medal tally with one gold and two bronze, could have easily made the top-40 nations had it managed one yellow metal this time also.

Grappler Sushil Kumar and shooter Vijay Kumar fetched silver medals while five-time world champion M C Mary Kom, ace shuttler Saina Nehwal, shooter Gagan Narang and wrestler Yogeshwar Dutt bagged bronze medals.

The medal tally of the 30th Olympic Games was headed by the United States, who finished with a total of 104 medals (46 gold, 29 silver and 29 bronze), followed by China with a total of 87 medals (38-27-22) and Britain 65 medals (29-17-19).

Four years ago, shooter Abhinav Bindra had won the gold, while Sushil and boxer Vijender Singh had clinched the bronze medal in Beijing.
Grappler Sushil Kumar and shooter Vijay Kumar fetched silver medals while five-time world champion M C Mary Kom, ace shuttler Saina Nehwal, shooter Gagan Narang and wrestler Yogeshwar Dutt bagged bronze medals.

The medal tally of the 30th Olympic Games was headed by the United States, who finished with a total of 104 medals (46 gold, 29 silver and 29 bronze), followed by China with a total of 87 medals (38-27-22) and Britain 65 medals (29-17-19).

Four years ago, shooter Abhinav Bindra had won the gold, while Sushil and boxer Vijender Singh had clinched the bronze medal in Beijing.

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Banks should compensate customers for local cheque clearance delay: RBI

Mumbai: The Reserve Bank of India, or RBI, has directed banks to compensate customers for any delay in clearing local cheques. This would mean that banks will have to compensate customers monetarily if a cheque to be credited in an account on Monday, for instance, gets delayed till Wednesday.
In a note to the chiefs of all banks - both commercial and co-operative - the RBI said they should have a cheque collection policy containing details of the amount they would pay customers for any delay in collection and clearance of cheques. If this policy does not include the amount payable for delays, the bank will have to pay the savings account rate to customers as compensation, the central bank said.
"Banks are advised to reframe their cheque collection policies (CCPs) to include compensation payable for the delayed period in the case of collection of local cheques as well. In case, no rate is specified in the CCP for delay in realisation of local cheques, compensation at savings bank interest rate shall be paid for the corresponding period of delay," a statement issued by the RBI on Monday said.
Private banks such as Yes Bank, IndudsInd Bank and Kotak Mahindra Bank offer savings rate in the range of 5.5% to 7%, while state-run banks and some private banks like HDFC Bank, ICICI Bank and Axis Bank, pay 4% on similar accounts. The RBI had, in May last year, raised the savings rate from 3.5% to 4%. Many banks started offering higher rates after the central bank deregulated savings rate last October.
The RBI's decision to link compensation to savings bank account rates comes after it received several complaints from customers about delays in cheque clearance. "Instances of delayed credit to customers' accounts without any compensation for the delayed period beyond the timeline indicated in the CCPs, in respect of local cheques, have been brought to our notice," the RBI release said.

Banks begin reviving special schemes

Special schemes are back in focus as bank deposits continue to grow only at a sluggish pace. With no relief in sight for further monetary policy easing, banks have also increased interest rates on long-term deposits, to garner much needed liquidity.
State-run Bank of Baroda on Monday revised deposit rates upwards by 25-65 basis points (bps). M D Mallya, chairman and MD, said it had realigned the rates, keeping in view the sticky inflation and entrenchment of inflationary expectations. The bank has introduced a term deposit scheme of 1,111 days, offering an interest rate of 9.15 per cent. This is 15 bps higher than the normal term deposit of similar tenors.
Other public sector lenders and small private banks are also offering such schemes, where depositors would have to lock-in funds for an exact number of days. "The only attraction in such schemes is a higher rate of interest as compared to normal deposits of the same tenor bracket," said a general manager of a large public sector bank (PSB).

Central Bank of India raised rates on special deposit schemes by 20-25 bps, effective August 6. UCO Bank extended its schemes till September and also increased the maximum deposit cap to Rs 5 crore. In the past fortnight, PSBs have also realigned the rates offered on deposits up to Rs 15 lakh, on Rs lakh to Rs 1 crore and for Rs 1 crore and above.
In October 2007, the Reserve Bank of India (RBI) had asked banks to withdraw special schemes, as the rates of interest offered on these deposits were not in tune with those on normal deposits.
"No bank should discriminate in the matter of interest paid on deposits, between one deposit and another, accepted on the same date and for the same maturity, whether such deposits are accepted at the same office or at different offices of the bank," it had told banks.
To stay within regulatory limits, some banks exclude the special scheme tenor from the normal deposit bucket. For instance, a bank might offer 50 bps more on a tenor of 1,000 days, as compared to tenors of up to 999 days.
Akeel Master, partner, KPMG, said the trend might not sustain for long, as higher interest rates will have an impact on banks' margins in the absence of a corresponding growth in advances. "Banks that are under pressure from mismatch in asset-liabilities for certain tenors must have been compelled to tweak interest rates accordingly," he said.
RBI’s latest data shows bank advances, as of July 27, had grown 17.2 per cent over a year, while deposit growth lagged at 13.8 per cent .
The central bank has projected deposit growth of 16 per cent in the annual monetary and credit policy for 2012-13.
"Concerns that deposit growth has significantly been slower than credit growth for a prolonged period of time is something we have been watching closely and that was one of the issues we discussed with bankers on Monday," RBI Deputy Governor Subir Gokarn had told Business Standard in an interview after the first quarter policy announcement last month.
He said RBI might put out a projection in the second-quarter policy review to be announced on October 30. It is slated to announce the mid-quarter policy review on September 17.

Result of SBI Clerical Recruitment written Exam 2012 declared

CLERICAL RECRUITMENT [ASSISTANTS & STENOGRAPHERS] IN STATE BANK OF INDIA

(ADVT NO. CRPD/CR/2011-12/05 dated 27-12-2011 & CRPD/CR/2011-12/5A dated 01-03-2012)

Written Examination held on 27-05-2012 & 03-06-2012

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