BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Derivative markets
|
|
|
Foreign Exchange
|
|
|
G-Secs
|
|
|
All of the above
|
Detailed explanation-1: -The Clearing Corporation of India Ltd. (CCIL) (CIN: U65990MH2001PLC131804) was set up in April, 2001 to provide guaranteed clearing and settlement functions for transactions in Money, G-Secs, Foreign Exchange and Derivative markets.
Detailed explanation-2: -CCIL, set up in April 2001, is a payment system authorized under the Payment and Settlement Systems Act, 2007 and Regulations thereunder by Reserve Bank of India (RBI). It provides clearing & settlement in OTC financial market products, mainly to the wholesale market players which are also regulated entities.
Detailed explanation-3: -Clearing and Settlement Mechanisms (CSMs) are the processes underlying all payment transactions exchanged between two payment service providers (PSPs). They are invisible to the end-users of the. payment schemes, yet they are indispensable in transferring money from one account to another when two different.
Detailed explanation-4: -The Core Committee, appointed at the behest of Reserve Bank of India for setting up CCIL, identified six ‘core promoters’ for CCIL-State Bank of India, IDBI Bank Ltd. (formerly Industrial Development Bank of India), ICICI Bank Ltd, Life Insurance Corporation of India (LIC), Bank of Baroda and HDFC Bank Ltd.