Logic behind credit card numbering
Have you ever thought about the logic behind credit card numbering? This numbering idea gives easy ways to identify & classify billions of transactions done every day.
Nmber on your credit card
Every number on your credit card has its own relevancy. Following are some interesting facts about credit card numbers.
Do you know that the first digit of a credit card will be always 3, 4, 5 or 6. It helps to you identify the card you have.
What does First Digit stand for
3 - Entertainment or Travel card like American Express or Diners Club
4 - Visa Cards
5 - Master Cards
6 - Discover Cards
Thursday, January 22, 2009
Inflation vs Interest Rates
Relation between Inflation and Bank interest Rates
Now days, you might have heard lot of these terms and usage on inflation and the bank interest rates. We are trying to make it simple for you to understand the relation between inflation and bank interest rates in India.
Bank interest rate depends on many other factors, out of that the major one is inflation. Whenever you see an increase on inflation, there will be an increase of interest rate also.
What is Inflation?
Inflation is defined as an increase in the price of bunch of Goods and services that projects the Indian economy. An increase in inflation figures occurs when there is an increase in the average level of prices in Goods and services. Inflation happens when there are less Goods and more buyers, this will result in increase in the price of Goods, since there is more demand and less supply of the goods.
Inflation causes increase of Interest
Inflation can be recognized as a combination of 4 factors:
• The Supply of money goes up
• The Supply of Goods goes down
• Demand for money goes down
• Demand for goods goes up
Our Indian government gets involved in it to control the inflation by adjusting the level of money in our economical system. The most noticeable way to increase the money flow in the system is to print more currency, then the rupees will become more relative to goods.
Inflation and Global Liquidity
Factors like rates of import and export, the production cost of farms, value of dollar, price of oil (crude oil), market movements of other overseas markets cause global liquidity. In India, we can also feel the effects of global liquidity. We are not isolated from all these issues now. Due to the remarkable economic growth of India over the recent years, increase in foreign currency inflow caused the demand in multiples for many Merchandise and services in India. RBI (Reserve Bank of India) needs to control this excess liquidity in our economic system. For this, RBI increases the “Repo rates” which makes “Costly Credits” and thus increases the CRR rate (Cash Reserve Ratio). This kind of measures by RBI can only control the inflation to a certain extent only.
Globalisation
Due to Globalization, no countries are independent from Global Liquidities. This causes an important factor for the inflation in a country. A political crunch or economical downturn in a far away country can impact our money value in India
Now days, you might have heard lot of these terms and usage on inflation and the bank interest rates. We are trying to make it simple for you to understand the relation between inflation and bank interest rates in India.
Bank interest rate depends on many other factors, out of that the major one is inflation. Whenever you see an increase on inflation, there will be an increase of interest rate also.
What is Inflation?
Inflation is defined as an increase in the price of bunch of Goods and services that projects the Indian economy. An increase in inflation figures occurs when there is an increase in the average level of prices in Goods and services. Inflation happens when there are less Goods and more buyers, this will result in increase in the price of Goods, since there is more demand and less supply of the goods.
Inflation causes increase of Interest
Inflation can be recognized as a combination of 4 factors:
• The Supply of money goes up
• The Supply of Goods goes down
• Demand for money goes down
• Demand for goods goes up
Our Indian government gets involved in it to control the inflation by adjusting the level of money in our economical system. The most noticeable way to increase the money flow in the system is to print more currency, then the rupees will become more relative to goods.
Inflation and Global Liquidity
Factors like rates of import and export, the production cost of farms, value of dollar, price of oil (crude oil), market movements of other overseas markets cause global liquidity. In India, we can also feel the effects of global liquidity. We are not isolated from all these issues now. Due to the remarkable economic growth of India over the recent years, increase in foreign currency inflow caused the demand in multiples for many Merchandise and services in India. RBI (Reserve Bank of India) needs to control this excess liquidity in our economic system. For this, RBI increases the “Repo rates” which makes “Costly Credits” and thus increases the CRR rate (Cash Reserve Ratio). This kind of measures by RBI can only control the inflation to a certain extent only.
Globalisation
Due to Globalization, no countries are independent from Global Liquidities. This causes an important factor for the inflation in a country. A political crunch or economical downturn in a far away country can impact our money value in India
Bank Terms
What is a Repo Rate?
Whenever the banks have any shortage of funds they can borrow it from RBI. Repo rate is the rate at which our banks borrow rupees from RBI. A reduction in the repo rate will help banks to get money at a cheaper rate. When the repo rate increases borrowing from RBI becomes more expensive.
What is a Reverse Repo Rate?
Reverse Repo rate is the rate at which Reserve Bank of India (RBI) borrows money from banks. Banks are always happy to lend money to RBI since their money is in safe hands with a good interest. An increase in Reverse repo rate can cause the banks to transfer more funds to RBI due to these attractive interest rates. It can cause the money to be drawn out of the banking system.
Due to this fine tuning of RBI using its tools of CRR, Bank Rate, Repo Rate and Reverse Repo rate our banks adjust their lending or investment rates for common man.
What is a CRR rate?
Cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with RBI. If RBI decides to increase the percent of this, the available amount with the banks comes down. RBI is using this method (increase of CRR rate), to drain out the excessive money from the banks.
What is a Bank Rate?
Bank rate is the rate at which RBI gives to the commercial banks. Whenever RBI increases its rates, the effect will be shown on the commercial banks. In this case, the commercial banks have to increase the interest rates for their profits.
What is SLR Rate?
SLR (Statutory Liquidity Ratio) is the amount a commercial bank needs to maintain in the form of cash, or gold or govt. approved securities (Bonds) before providing credit to its customers. SLR rate is determined and maintained by the RBI (Reserve Bank of India) in order to control the expansion of bank credit.
OVERDRAFT:- It is the loan facility on customer current account at a bank permitting him to overdraw up to a certain agreed limit for a agreed period ,interest is payable only on the amount of loan taken up.
PRIME LENDING RATE: It is the rate at which commercial banks give loan to its prime customers.
Whenever the banks have any shortage of funds they can borrow it from RBI. Repo rate is the rate at which our banks borrow rupees from RBI. A reduction in the repo rate will help banks to get money at a cheaper rate. When the repo rate increases borrowing from RBI becomes more expensive.
What is a Reverse Repo Rate?
Reverse Repo rate is the rate at which Reserve Bank of India (RBI) borrows money from banks. Banks are always happy to lend money to RBI since their money is in safe hands with a good interest. An increase in Reverse repo rate can cause the banks to transfer more funds to RBI due to these attractive interest rates. It can cause the money to be drawn out of the banking system.
Due to this fine tuning of RBI using its tools of CRR, Bank Rate, Repo Rate and Reverse Repo rate our banks adjust their lending or investment rates for common man.
What is a CRR rate?
Cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with RBI. If RBI decides to increase the percent of this, the available amount with the banks comes down. RBI is using this method (increase of CRR rate), to drain out the excessive money from the banks.
What is a Bank Rate?
Bank rate is the rate at which RBI gives to the commercial banks. Whenever RBI increases its rates, the effect will be shown on the commercial banks. In this case, the commercial banks have to increase the interest rates for their profits.
What is SLR Rate?
SLR (Statutory Liquidity Ratio) is the amount a commercial bank needs to maintain in the form of cash, or gold or govt. approved securities (Bonds) before providing credit to its customers. SLR rate is determined and maintained by the RBI (Reserve Bank of India) in order to control the expansion of bank credit.
OVERDRAFT:- It is the loan facility on customer current account at a bank permitting him to overdraw up to a certain agreed limit for a agreed period ,interest is payable only on the amount of loan taken up.
PRIME LENDING RATE: It is the rate at which commercial banks give loan to its prime customers.
Thursday, January 15, 2009
Indian Overseas Bank PO Vancancy 2009
Iob Indian Overseas Bank (IOB)
763, Anna Salai, Chennai - 60002
Recruitment of 1250 Probationary Officers in Indian Overseas Bank
Important Dates :
1. Opening Date for Online application : 17/01/2009
2. Closing date for online application : 16/02/2009
3. Date of written exam : 05/04/2009
Probationary Officers (JMGS-I) : 1250 posts (UR-583, OBC-311, SC-172, ST-184), Pay Scale : JMG-I - Rs.10000-18240/-, Age : 21-30 years as on 01/01/09, Qualification : For Arts Graduate - minimum 60 % marks and for other than Arts Graduate - minimum 65 % marks. For SC/ST/PC candidates – minimum 55% marks for Arts Graduate and for other than Arts graduate- minimum 60% marks. The Degree should be from a recognised university (ii) Computer literacy shall be an essential qualification, which the candidate must either possess before or acquire within six months of joining the Bank. (iii) Diploma in Banking & Finance (DBF) from Indian Institute of Banking and Finance (IIBF) is a desirable qualification besides the above entry level qualification.
Application Fee : Rs.400/- (Rs.50/- for SC/ST/PWD candidates) in cash at the any of the IOB and take candidate's copy of Payment Receipt Challan.
How to Apply : Apply Online at IOB web site between 17/01/2009 and 16/02/2009.
Kindly view http://www.iob.in/uploads/English%20PO%20Advt.pdf for details, http://www.iob.in/uploads/payment-receipt.pdf for payment receipt and apply online at http://app3.ibps.in/iobpo.
763, Anna Salai, Chennai - 60002
Recruitment of 1250 Probationary Officers in Indian Overseas Bank
Important Dates :
1. Opening Date for Online application : 17/01/2009
2. Closing date for online application : 16/02/2009
3. Date of written exam : 05/04/2009
Probationary Officers (JMGS-I) : 1250 posts (UR-583, OBC-311, SC-172, ST-184), Pay Scale : JMG-I - Rs.10000-18240/-, Age : 21-30 years as on 01/01/09, Qualification : For Arts Graduate - minimum 60 % marks and for other than Arts Graduate - minimum 65 % marks. For SC/ST/PC candidates – minimum 55% marks for Arts Graduate and for other than Arts graduate- minimum 60% marks. The Degree should be from a recognised university (ii) Computer literacy shall be an essential qualification, which the candidate must either possess before or acquire within six months of joining the Bank. (iii) Diploma in Banking & Finance (DBF) from Indian Institute of Banking and Finance (IIBF) is a desirable qualification besides the above entry level qualification.
Application Fee : Rs.400/- (Rs.50/- for SC/ST/PWD candidates) in cash at the any of the IOB and take candidate's copy of Payment Receipt Challan.
How to Apply : Apply Online at IOB web site between 17/01/2009 and 16/02/2009.
Kindly view http://www.iob.in/uploads/English%20PO%20Advt.pdf for details, http://www.iob.in/uploads/payment-receipt.pdf for payment receipt and apply online at http://app3.ibps.in/iobpo.
Jobs of Specialist Officers in SBI Group
SBI Vacancy on sarkari-naukri.blogspot.com STATE BANK Of INDIA (SBI)
Central Recruitment & Promotion Department (CRPD) Corporate Centre, Mumbai
Advertisement No. CRPD/SCO/2008-09/10
State Bank of India (SBI), Corporate Centre, Mumbai invites on-line applications from Indian citizens for appointment in following specialist cadre officers posts in State Bank Group.
Candidates are requested to apply on-line between 07/01/2009 and 07/02/2009 through SBI website
1. Chief Officer (Security) : 01 post on contract basis Initially for three years. (TEGS-VI)
2. Chief Manager (Risk Management System) : 01 post (SMGS-IV)
3. Company Secretary : 01 post (SMGS-IV)
4. Chief Manager (Chartered Accountant) : 01 post (SMGS-IV)
5. Manager (Chartered Accountant) : 31 posts (MMGS-III)
6. Manager (CA/ICWA) : 02 posts (MMGS-III)
7. Manager (Systems) : 01 post (MMGS-III)
8. Dy. Manager (Chartered Accountant) : 03 posts (MMGS-II)
9. Dy. Manager (Law) : 08 posts (MMGS-II)
10. Dy. Manager (Civil Engineering) : 10 posts (MMGS-II)
11. Dy. Manager (Electrical/ Electronics) : 01 post (MMGS-II)
12. Dy. Manager (Security) : 42 posts (MMGS-II)
13. Dy. Manager (Systems) : 02 posts (MMGS-II)
14. Assistant Manager (Systems) : 60 posts (JMGS-I)
15. Assistant Manager (Hardware & Networking) : 12 posts (JMGS-I)
16. Assistant Manager (Systems - Harware Engineers) : 04 posts (JMGS-I)
17. Assistant Manager (Law) : 02 posts (JMGS-I)
18. Assistant Manager (Official Language) : 02 posts (JMGS-I)
19. Medical Officer : 07 posts on contract (MOPP)
Pay Scales :
1. JMGS – I : 10000-18240
2. MMGS – II : 13820 - 19920
3. MMGS – III : 18240 - 22280
4. SMGS – IV : 20480-24140
5. MOPP : 10000-14320
6. TEGS- VI : 26620-29340
How to Apply : Apply online between 07/01/2009 and 07/02/2009 at SBI website. Deposite a fee of Rs.250/- (Rs.50/- for SC/ST/PH/XS) in any CBS branch of SBI and pay the amount on prescribed format for credit in the A/c No. 30472368053 and get cash receipt with unique deposit journal number, which is to be submitted along with the application.
Please view details at http://www.sbi.co.in/downloadfile.jsp?fileid=2325. Apply directly here http://app4.ibps.in/sbispec
Central Recruitment & Promotion Department (CRPD) Corporate Centre, Mumbai
Advertisement No. CRPD/SCO/2008-09/10
State Bank of India (SBI), Corporate Centre, Mumbai invites on-line applications from Indian citizens for appointment in following specialist cadre officers posts in State Bank Group.
Candidates are requested to apply on-line between 07/01/2009 and 07/02/2009 through SBI website
1. Chief Officer (Security) : 01 post on contract basis Initially for three years. (TEGS-VI)
2. Chief Manager (Risk Management System) : 01 post (SMGS-IV)
3. Company Secretary : 01 post (SMGS-IV)
4. Chief Manager (Chartered Accountant) : 01 post (SMGS-IV)
5. Manager (Chartered Accountant) : 31 posts (MMGS-III)
6. Manager (CA/ICWA) : 02 posts (MMGS-III)
7. Manager (Systems) : 01 post (MMGS-III)
8. Dy. Manager (Chartered Accountant) : 03 posts (MMGS-II)
9. Dy. Manager (Law) : 08 posts (MMGS-II)
10. Dy. Manager (Civil Engineering) : 10 posts (MMGS-II)
11. Dy. Manager (Electrical/ Electronics) : 01 post (MMGS-II)
12. Dy. Manager (Security) : 42 posts (MMGS-II)
13. Dy. Manager (Systems) : 02 posts (MMGS-II)
14. Assistant Manager (Systems) : 60 posts (JMGS-I)
15. Assistant Manager (Hardware & Networking) : 12 posts (JMGS-I)
16. Assistant Manager (Systems - Harware Engineers) : 04 posts (JMGS-I)
17. Assistant Manager (Law) : 02 posts (JMGS-I)
18. Assistant Manager (Official Language) : 02 posts (JMGS-I)
19. Medical Officer : 07 posts on contract (MOPP)
Pay Scales :
1. JMGS – I : 10000-18240
2. MMGS – II : 13820 - 19920
3. MMGS – III : 18240 - 22280
4. SMGS – IV : 20480-24140
5. MOPP : 10000-14320
6. TEGS- VI : 26620-29340
How to Apply : Apply online between 07/01/2009 and 07/02/2009 at SBI website. Deposite a fee of Rs.250/- (Rs.50/- for SC/ST/PH/XS) in any CBS branch of SBI and pay the amount on prescribed format for credit in the A/c No. 30472368053 and get cash receipt with unique deposit journal number, which is to be submitted along with the application.
Please view details at http://www.sbi.co.in/downloadfile.jsp?fileid=2325. Apply directly here http://app4.ibps.in/sbispec
Recruitment of Officers and Clerks Canara Bank 2009
Canara Bank
(A Government of India Undertaking)
112, JC Road, Bangalore - 560002
Recruitment of Probationary Clerks, Probationary Officer (PO), Investment Officers (On Contract) and Specialist Officers in Canara Bank
Important Dates :
1. Web site link open for on-line registration : 24/01/2009 for Probationary Officers and Specialist Officers, upto 29/01/2009 for Probationary Clerks and upto 09/02/2009 for Investment Officer
2. Last date for receipt of system generated print-out application with DD & other documents : 31/01/2009 for Probationary Officers and Specialist Officers, upto 07/02/2009 for Probationary Clerks and upto 16/02/2009 for Investment Officer
3. Last date for receipt of system generated print-out application with DD & other documents from Far-flung areas : 09/02/2009 for Probationary Officers and Specialist Officers, upto 14/02/2009 for Probationary Clerks and upto 23/02/2009 for Investment Officer
4. Tenetative date of Wrtitten Test : 15/03/2009 for Probationary Officers and Specialist Officers, 29/03/2009 for Probationary Clerks
Online Applications are invited for recruitment of 1170 various posts of Clerks and Officers in various grades in Canara Bank.
1. Probationary Clerk : 400 posts, Age : 18 – 28 years
2. Probationary Officer [JMGS–I] Generalist : 300 posts, Age : 21 – 30 years
3. Investment Officer [on Contract] Contract : 400 posts, Age : 21 – 30 years
4. Official Language Officer [JMGS-I] : 10 posts, Age : 21 - 28 years
5. Manager – Security [MMGS-II] : 15 posts, Age : 21 – 40 years
6. Manager – Law [MMGS-II] : 10 posts, Age : 21 – 32 years
7. Manager – Computer Programmer [MMGS-II] : 10 posts, Age : 21 - 30 years
8. Senior Manager – Chartered Accountant [MMGS-III] : 25 posts, Age : 21 – 35 years
Application Fee : Rs.300/- for Officers and Rs.200/- for Clerk (Rs.50/- for SC/ST/PWD) in the form of Demand Draft issued by any Scheduled Commercial Bank in favour of Canara Bank –Recruitment Project – 2009 payable at Mumbai.
Apply online from Canara Bank Website. After applying on-line, the registered candidates should obtain a system generated Print-out of the application. System Generated Print-out of the Application complete in all respects should be sent by ordinary post only in a cover superscribing “Print-out of Application for the post of _________________ in Canara Bank. The application should be sent to the address printed on the Registered “print-out” of the application :
* Probationary Clerk : Canara Bank Recruitment of Probationary Clerks–Project 2009, Post Box No. - 9054, Goregaon [East], Mumbai – 400063
* All other posts of Officers : Canara Bank Recruitment of Officers–Project 2009, Post Box No. - 7461, Jogeshwari [East], Mumbai – 400060
For more information and Online submission of the Application visit Canara Bank website at http://www.canarabank.com/English/Scripts/Recruitment2009.aspx
(A Government of India Undertaking)
112, JC Road, Bangalore - 560002
Recruitment of Probationary Clerks, Probationary Officer (PO), Investment Officers (On Contract) and Specialist Officers in Canara Bank
Important Dates :
1. Web site link open for on-line registration : 24/01/2009 for Probationary Officers and Specialist Officers, upto 29/01/2009 for Probationary Clerks and upto 09/02/2009 for Investment Officer
2. Last date for receipt of system generated print-out application with DD & other documents : 31/01/2009 for Probationary Officers and Specialist Officers, upto 07/02/2009 for Probationary Clerks and upto 16/02/2009 for Investment Officer
3. Last date for receipt of system generated print-out application with DD & other documents from Far-flung areas : 09/02/2009 for Probationary Officers and Specialist Officers, upto 14/02/2009 for Probationary Clerks and upto 23/02/2009 for Investment Officer
4. Tenetative date of Wrtitten Test : 15/03/2009 for Probationary Officers and Specialist Officers, 29/03/2009 for Probationary Clerks
Online Applications are invited for recruitment of 1170 various posts of Clerks and Officers in various grades in Canara Bank.
1. Probationary Clerk : 400 posts, Age : 18 – 28 years
2. Probationary Officer [JMGS–I] Generalist : 300 posts, Age : 21 – 30 years
3. Investment Officer [on Contract] Contract : 400 posts, Age : 21 – 30 years
4. Official Language Officer [JMGS-I] : 10 posts, Age : 21 - 28 years
5. Manager – Security [MMGS-II] : 15 posts, Age : 21 – 40 years
6. Manager – Law [MMGS-II] : 10 posts, Age : 21 – 32 years
7. Manager – Computer Programmer [MMGS-II] : 10 posts, Age : 21 - 30 years
8. Senior Manager – Chartered Accountant [MMGS-III] : 25 posts, Age : 21 – 35 years
Application Fee : Rs.300/- for Officers and Rs.200/- for Clerk (Rs.50/- for SC/ST/PWD) in the form of Demand Draft issued by any Scheduled Commercial Bank in favour of Canara Bank –Recruitment Project – 2009 payable at Mumbai.
Apply online from Canara Bank Website. After applying on-line, the registered candidates should obtain a system generated Print-out of the application. System Generated Print-out of the Application complete in all respects should be sent by ordinary post only in a cover superscribing “Print-out of Application for the post of _________________ in Canara Bank. The application should be sent to the address printed on the Registered “print-out” of the application :
* Probationary Clerk : Canara Bank Recruitment of Probationary Clerks–Project 2009, Post Box No. - 9054, Goregaon [East], Mumbai – 400063
* All other posts of Officers : Canara Bank Recruitment of Officers–Project 2009, Post Box No. - 7461, Jogeshwari [East], Mumbai – 400060
For more information and Online submission of the Application visit Canara Bank website at http://www.canarabank.com/English/Scripts/Recruitment2009.aspx
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