memorial Places of nehru-gandhi and other

shanti stal-j.nehru.
shakti stal-indra g.
veer+bhumi-rajiv g.
vijay ghat-lal bahadur shastri

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SBI AND ITS ASSOCIATES(5 NOW EARLY 7)

Associate banks

Mumbai Main Branch of SBI in Mumbai.

SBI has five associate banks; all use the same logo of a blue circle and all the associates use the "State Bank of" name, followed by the regional headquarters' name:

• State Bank of Bikaner & Jaipur
• State Bank of Hyderabad
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Travancore

Earlier SBI had only seven associate banks that constituted the State Bank Group. Originally, the then seven banks that became the associate banks belonged to princely states until the government nationalised them between October 1959 and May 1960. In tune with the first Five Year Plan, emphasising the development of rural India, the government integrated these banks into the State Bank of India system to expand its rural outreach. There has been a proposal to merge all the associate banks into SBI to create a "mega bank" and streamline operations.^[9]

The first step towards unification occurred on 13 August 2008 when State Bank of Saurashtra merged with SBI, reducing the number of state banks from seven to six. Then on 19 June 2009 the SBI board approved the merger of its subsidiary, State Bank of Indore, with itself. SBI holds 98.3% in State Bank of Indore. (Individuals who held the shares prior to its takeover by the government hold the balance of 1.77%.)^[10]

The acquisition of State Bank of Indore appoo dded 470 branches to SBI's existing network of 12,448 and over 21,000 ATMs. Also, following the acquisition, SBI's total assets will inch very close to the 10 trillion mark. The total assets of SBI and the State Bank of Indore stood at 9,981,190 million as of March 2009. The process of merging of State Bank of Indore was completed by April 2010, and the SBI Indore branches started functioning as SBI branches on 26 August 2010.^[11]

CRR AND SLR DETAILS AT RBI:-
http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=6508

RTGS IN DETAIL:-

updated on 31/01/2012 Q1. What is RTGS System? Ans. The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable. Q2. How RTGS is different from National Electronics Funds Transfer System (NEFT)? Ans. NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. For example, currently, NEFT operates in hourly batches - there are eleven settlements from 9 am to 7 pm on week days and five settlements from 9 am to 1 pm on Saturdays. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this, in the RTGS transactions are processed continuously throughout the RTGS business hours. Q3. Is there any minimum / maximum amount stipulation for RTGS transactions? Ans. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ` 2 lakh. There is no upper ceiling for RTGS transactions. Q4. What is the time taken for effecting funds transfer from one account to another under RTGS? Ans. Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message. Q5. Would the remitting customer receive an acknowledgement of money credited to the beneficiary's account? Ans. The remitting bank receives a message from the Reserve Bank that money has been credited to the receiving bank. Based on this the remitting bank can advise the remitting customer that money has been delivered to the receiving bank. Q6. Would the remitting customer get back the money if it is not credited to the beneficiary's account? When? Ans. Yes.It is expected that the receiving bank will credit the account of the beneficiary instantly. If the money cannot be credited for any reason, the receiving bank would have to return the money to the remitting bank within 2 hours. Once the money is received back by the remitting bank, the original debit entry in the customer's account is reversed. Q7. Till what time RTGS service window is available? Ans. The RTGS service window for customer's transactions is available from 9.00 hours to 16.30 hours on week days and from 9.00 hours to 13.30 hours on Saturdays for settlement at the RBI end. However, the timings that the banks follow may vary depending on the customer timings of the bank branches. Q8. What about Processing Charges / Service Charges for RTGS transactions? Ans With a view to rationalize the service charges levied by banks for offering funds transfer through RTGS system, a broad framework has been mandated as under: a) Inward transactions – Free, no charge to be levied. b) Outward transactions – Rs. 2 lakh to Rs. 5 lakh - not exceeding Rs. 30 per transaction. Above Rs. 5 lakh - not exceeding Rs. 55 per transaction. Q9. What is the essential information that the remitting customer would have to furnish to a bank for the remittance to be effected? Ans. The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance: Amount to be remitted Remitting customer’s account number which is to be debited Name of the beneficiary bank Name of the beneficiary customer Account number of the beneficiary customer Sender to receiver information, if any The IFSC Number of the receiving branch Q10. How would one know the IFSC code of the receiving branch? Ans. The beneficiary customer can obtain the IFSC code from his bank branch. The IFSC code is also available on the cheque leaf. The IFSC code is also available on the RBI website (http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls). This code number and bank branch details can be communicated by the beneficiary to the remitting customer. Q11. Do all bank branches in India provide RTGS service? Ans. No. All the bank branches in India are not RTGS enabled. As on September 29, 2011, there are more than 78,000 RTGS enabled bank branches. The list of such branches is available on RBI website at http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls Q12. Is there any way that a remitting customer can track the remittance transaction? Ans It would depend on the arrangement between the remitting customer and the remitting bank. Some banks with internet banking facility provide this service. Once the funds are credited to the account of the beneficiary bank, the remitting customer gets a confirmation from his bank either by an e-mail or sms. Q13. Whom do I can contact, in case of non-credit or delay in credit to the beneficiary account? Ans Contact your bank / branch. If the issue is not resolved satisfactorily, complaint may be lodged to the Customer Service Department of RBI at - The Chief General Manager, Reserve Bank of India, Customer Service Department, 1st Floor, Amar Building, Fort, Mumbai – 400 001 Or send email Q14. How can a remitting customer know whether the bank branch of the beneficiary accepts remittance through RTGS? Ans. For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch would have to be RTGS enabled. The lists are readily available at all RTGS enabled branches. Besides, the information is available at RBI website (http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls). Considering that more than 74,000 branches at more than 20,000 cities/ towns / taluka places are covered under the RTGS system, getting this information would not be difficult.

NEFT IN DETAIL BY RBI:-

updated on 31/01/2012 Q.1. What is NEFT? Ans: National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme,  individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme. Q.2. Are all bank branches in the country part of the NEFT funds transfer network? Ans: For being part of the NEFT funds transfer network, a bank branch has to be NEFT- enabled.The list of bank-wise branches which are participating in NEFT is provided in the website of Reserve Bank of India athttp://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009 Q.3. Who can transfer funds using NEFT? Ans: Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Such customers have to furnish full details including complete address, telephone number, etc. NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account. Q.4. Who can receive funds through the NEFT system? Ans: Individuals, firms or corporates maintaining accounts with a bank branch can receive funds through the NEFT system. It is, therefore, necessary for the beneficiary to have an account with the NEFT enabled destination bank branch in the country. The NEFT system also facilitates one-way cross-border transfer of funds from India to Nepal. This is known as the Indo-Nepal Remittance Facility Scheme. A remitter can transfer funds from any of the NEFT-enabled branches in to Nepal, irrespective of whether the beneficiary in Nepal maintains an account with a bank branch in Nepal or not. The beneficiary would receive funds in Nepalese Rupees. Further details on the Indo-Nepal Remittance Facility Scheme are available on the website of Reserve Bank of India at http://rbidocs.rbi.org.in/rdocs/content/pdfs/84489.pdf. Q.5. Is there any limit on the amount that could be transferred using NEFT? Ans: No. There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT. However, maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances and remittances to Nepal. Q.7. Whether the system is centre specific or has any geographical restriction? Ans: No. There is no restriction of centres or of any geographical area within the country. The NEFT system takes advantage of the core banking system in banks. Accordingly, the settlement of funds between originating and receiving banks takes places centrally at Mumbai, whereas the branches participating in NEFT can be located anywhere across the length and breadth of the country. Q.6. What are the operating hours of NEFT? Ans : Presently, NEFT operates in hourly batches - there are eleven settlements from 9 am to 7 pm on week days (Monday through Friday) and five settlements from 9 am to 1 pm on Saturdays. Q.7. How does the NEFT system operate? Step-1 : An individual / firm / corporate intending to originate  transfer of funds through NEFT has to fill an application form providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted. The application form will be available at the originating bank branch. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary. Customers enjoying net banking facility offered by their bankers can also initiate the funds transfer request online. Some banks offer the NEFT facility even through the ATMs. Walk-in customers will, however, have to give their contact details (complete address and telephone number, etc.) to the branch. This will help the branch to refund the money to the customer in case credit could not be afforded to the beneficiary’s bank account or the transaction is rejected / returned for any reason. Step-2 : The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service Centre). Step-3 : The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch. Step-4 : The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks(credit). Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre). Step-5 : The destination banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary customers’ accounts. Q.8. What is IFSC? Ans : IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches. Q.9. How can the IFSC of a bank-branch be found? Ans: Bank-wise list of IFSCs is available with all the bank-branches participating in NEFT.List of bank-wise branches participating in NEFT and their IFSCs is available on the website of Reserve Bank of India athttp://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009 .All the banks have also been advised to print the IFSC of the branch on cheques issued to their customers. For net banking customers many banks have enabled online search / pop-up of the IFSC of the destination bank branch. Q.10. What are the processing or service charges for NEFT transactions? Ans: The structure of charges that can be levied on the customer for NEFT is given below: a) Inward transactions at destination bank branches (for credit to beneficiary accounts) – Free, no charges to be levied from beneficiaries b) Outward transactions at originating bank branches (charges for the remitter) -  For transactions up to Rs  1 lakh – not exceeding Rs 5 (+ Service Tax) -  For transactions above Rs 1 lakh and up to Rs 2 lakhs – not exceeding Rs 15 (+ Service Tax) -  For transactions above Rs 2 lakhs – not exceeding Rs 25 (+ Service Tax) c) Charges applicable for transferring funds from India to Nepal using the NEFT system (under the Indo-Nepal Remittance Facility Scheme) is available on the website of RBI at http://rbi.org.in/scripts/FAQView.aspx?Id=67 With effect from 1st July 2011, originating banks are required to pay a nominal charge of 25 paise each per transaction to the clearing house as well as destination bank as service charge. However, these charges cannot be passed on to the customers by the banks. Q.11. When can the beneficiary expect to get the credit to his bank account? Ans: The beneficiary can expect to get credit for the first nine batches on week days (i.e., transactions from 9 am to 5 pm) and the first four batches on Saturdays (i.e., transactions from 9 am to 12 noon) on the same day. For transactions settled in the last two batches on week days (i.e., transactions settled in the 6 and 7 pm batches) and the last batch on Saturdays (i.e., transactions handled in the 1 pm batch) beneficiaries can expect to get credit either on the same day or on the next working day morning (depending on the type of facility enjoyed by the beneficiary with his bank). Q.12. Who should be contacted in case of non-credit or delay in credit to the beneficiary account? Ans: In case of non-credit or delay in credit to the beneficiary account, the NEFT Customer Facilitation Centre (CFC) of the respective bank can be contacted (the remitter can contact his bank’s CFC; the beneficiary may contact the CFC of his bank). Details of NEFT Customer Facilitation Centres of banks are available on the websites of the respective banks. The details are also available on the website of Reserve Bank of India at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2070 . If the issue is not resolved satisfactorily, the NEFT Help Desk (or Customer Facilitation Centre of Reserve Bank of India) at National Clearing Cell, Reserve Bank of India, Mumbai may be contacted through e-mail or by addressing correspondence to the General Manager, Reserve Bank of India, National Clearing Centre, First Floor, Free Press House, Nariman Point, Mumbai – 400 021. Q.13. What will happen if credit is not afforded to the account of the beneficiary? Ans: If it is not possible to afford credit to the account of the beneficiary for whatever reason, destination banks are required to return the transaction (to the originating branch) within two hours of completion of the batch in which the transaction was processed. For example, if a customer submits a fund transfer request at 12.05 p.m. to a NEFT-enabled branch, the branch in turn forwards the message through its pooling centre to the NEFT Clearing Centre for processing in the immediately available batch which (say) is the 1.00 pm batch. If the destination bank, is unable to afford the credit to the beneficiary for any reason, it has to return the transaction to the originating bank, not later than in the 3.00 pm batch. On receiving such a returned transaction, the originating bank has to credit the amount back to account of the originating customer.To conclude, for all uncredited transactions, customers can reasonably expect the funds to be received back by them in around 3 to 4 hours time. Q.14. Can NEFT be used to transfer funds from / to NRE and NRO accounts? Ans: Yes. NEFT can be used to transfer funds from or to NRE and NRO accounts in the country. This, however, is subject to the adherence of the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines. Q.15. Can remittances be sent abroad using NEFT? Ans: No. However, a facility is available to send outward remittances to Nepal under the Indo-Nepal Remittance Facility Scheme. Q.16. What are the other transactions that could be initiated using NEFT? Ans: Besides personal funds transfer, the NEFT system can also be used for a variety of transaction including payment of credit card dues to the card issuing banks. It is necessary to quote the IFSC of the beneficiary card issuing bank to initiate the bill payment transactions using NEFT. Q.17. Can a transaction be originated to draw (receive) funds from another account? Ans : No. NEFT is a credit-push system i.e., transactions can be originated only to transfer / remit funds to a beneficiary. Q.18. Would the remitter receive an acknowledgement once the funds are transferred to the account of the beneficiary? Ans: Yes. In case of successful credit to the beneficiary's account, the bank which had originated the transaction is expected to send a confirmation to the originating customer (through SMS or e-mail) advising of the credit as also mentioning the date and time of credit. For the purpose, remitters need to provide their mobile number / e-mail-id to the branch at the time of originating the transaction. Q.19. Is there a way for the remitter to track a transaction in NEFT? Ans: Yes, the remitter can track the NEFT transaction through the originating bank branch or its CFC using the unique transaction reference number provided at the time of initiating the funds transfer. It is possible for the originating bank branch to keep track and be aware of the status of the NEFT transaction at all times. Q.20. What are the pre-requisites for originating a NEFT transaction? Ans : Following are the pre-requisites for putting through a funds transfer transaction using NEFT – Originating and destination bank branches should be part of the NEFT network Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter For net banking customers, some banks provide the facility to automatically pop-up the IFSC once name of the destination bank and branch is highlighted / chosen /   indicated / keyed in. Q.21.  What are the benefits of using NEFT? Ans: NEFT offers many advantages over the other modes of funds transfer: The remitter need not send the physical cheque or Demand Draft to the beneficiary. The beneficiary need not visit his / her bank for depositing the paper instruments. The beneficiary need not be apprehensive of loss / theft of physical instruments or the likelihood of fraudulent encashment thereof. Cost effective. Credit confirmation of the remittances sent by SMS or email. Remitter can initiate the remittances from his home / place of work using the internet banking also. Near real time transfer of the funds to the beneficiary account in a secure manner.

What is IFSC code?

The Indian Financial System Code (also known as IFSC) is a 11 charater code for identifying the bank and branch which an account is held. The IFSC code is used both by the NEFT and RTGS finance transfer systems.

The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11-character code with the first 4 alphabetic characters representing the bank, and the last 6 characters (usually numeric, but can be alphabetic) representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to route the messages to the destination banks / branches.^[1]

Update: Now www.ifsccodebank.com includes IFSC codes of 82,000+ bank branches of 104 different banks!!!

What is MICR code?

The MICR (Magnetic Ink Character Recognition) code has 9 digits and are also used to identify the bank-branch for cheque clearing and online transaction processes.

You can find MICR or IFSC codes of all branches across Indian at www.indiancodes.org

Its quite faster too. 

What is NEFT transfer?

National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country.

What is RTGS transfer?

'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).

RTGS and NEFT are related to funds transfer over the internet using your internet banking. RTGS Real Time Gross Settlement ( Minimum Amt Rs 1 lakh) 

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General Knowledge Supplement
Important Committees and Commissions in India 

List of Committees

Butler Committee - Relation between Indian states & paramount power
Hurtog Committee - Growth of British India education-its effects
Muddiman Committee - Working of Diarchy as in Montague Chelmsford reforms
Malhotra Committee - Insurance Reforms
Janaki Ram Committee - Security Scam
Ajay Vikram Singh Committee - Faster promotions in Army
Rajinder Sachar Committee 1 - Companies and MRPT Act
Rajindar Sachar Committee 2 - Report on the social, economic and educational status of the Muslims of India.
Jyoti Basu Committee - Report on Octroi abolition.
Balwant Rai Mehta Committee - Recommendations on decentralization system
Sawant Committee - Enquiry on corruption, charges against ministers & Anna Hazare
Chelliah Committee - Eradicating black money
Wanchoo Committee - Tax enquiry
Bhanu Pratap Singh Committee – Agriculture
Agarwal Committee - Nepotism in granting petrol pump, LPG connections
Rangarajan Committee - Reforms in private sector
Naresh Chandra Committee - Corporate governance
Chakravarti Committee - Banking sector reforms
Rekhi Committee - Structure of indirect taxation
G.V.Ramakrishna Committee - Disinvestment in PSU shares
Kelkar Committee 1 - First committee on backward castes
P.C.Hotha Committee - Restructuring of civil services
Justice B.N.Kirpal Committee - 1st chairman National Forest Commission
Godbole Committee - Enron Power Project
J.C.Kumarappa Committee - Congress agrarian Reforms Committee
Swaminathan Committee - Population policy
Rangaraju Committee – Statistics
Wardha Committee - Inquiry on murder of Graham Staines
Vohra Committee - Criminalization of politics
Kelkar Committee 2 - Direct-Indirect Taxes
Alagh Committee - Civil Service Examinations
Abid Hussain Committee - Recommendations on Small scale industries
Narasimham Committee - Banking sector reforms
Chelliah Committee - Tax reforms
Mashelkar Committee - National Auto Fuel Policy
Boothalingam Committee - Recommendations on integrated wages, income and price policy.
Omkar Goswami Committee Industrial sickness
Yashpal Committee - Review of School Education system
Ram Nandan Prasad Committee - Constitution of creamy layers among Backward Castes.
Kelkar Committee 3 - Enquiry on Kargil defense deals.
Saharya Committee - Tehelka tapes


List of Commissions

U.C.Benerjee Commission - Enquiry into Godhra carnage (Railways)
Nanavati-Shah - commission Posy Godhra riots
Palekar Tribunal - Journalist pays reforms
Hunter Commission - Jallianwalabagh massacre
Nanavati Commission - 1984 Sikh riots
Mukherjee Commission - Death/Disappearance of Subhash Chandra Bose
Librehan Commission - Babri Masjid demolition case
Sarkaria Commission - Centre-State relations
Sri Krishna Commission - 1992 Bombay riots
Thakkar Commission - Indira Gandhi assassination case
Phukhan Commission - Tehelka tapes
Malimath Commission - Criminal Justice
Upendra Commission - Inquiry on rape and murder Thangjem Manorama Devi
G.C.Garg Commission - Train accident near Khanna, Punjab
Mandal Commission - Reservation of seats for Backward castes
Kothari Commission - Educational reforms

BANK EXAM SITE'S

BANKING DICTIONARY 1.www.allbusiness.com/glossaries/banking/4941812.html 2.www.helpwithmybank.gov/dictionary

BANKING AWARENESS AND TESTS 1.www.gktoday.in
2.www.bankingawareness.com

3.www.ibpsexamguru.in
4.Facebook gk4bankjobs

COMPUTER AND OFFICE

1. www.getgyan.com

2. www.proprofs.com

3.MCQ

Gk banking

1.Agency Estimating national income is central statistical organisation . 2. deflation is contraction of volume of money. 3. first plan adopted on harRod-dammar model. 4. RBI Uses quantitative Central of credit through following a.base rate b. crr c.open market operation d. Margin requirements

pay commission

Pay commission- till Now Only 6 pay commissions are introduced .chairman's are 6. justice b.n srikrishna2006 5.justice s.ratnavel pandian 4.p.n singhal 3.raghubir dayal 2.jaganath das 1.srinivasa varadachariar

Computer Awareness Quiz -30 Ibps exam ~ Ibps Exam Guru

Computer Awareness Quiz -30 Ibps exam ~ Ibps Exam Guru

ENGLISH PRACTICE TEST-9 FOR SBI AND IBPS BANK EXAM ~ Ibps Exam Guru

ENGLISH PRACTICE TEST-9 FOR SBI AND IBPS BANK EXAM ~ Ibps Exam Guru

QUESTION AND ANSWER OF GK:

1.cmd of irs(INDIAN REGISTER OF SHIPPING)
ARUN SHARMA
2.cmd of corporation bank
amar lai daultani
3.state bank travancore
mc jacob
4.delhi railway corporation
jitendra tyagi
5.lic
suboshan sarker

GROSS DOMESTIC PRODUCT IN DETAIL

Calculating GDP

In this module, you will learn

• how to calculate the GDP
• how to use moneychimp.com to further understand money flow in the GDP - submodule includes 4-question GDP Money Flow Quiz
• how to calculate GDP in a practice example - submodule includes 1-question GDP Calculation Quiz
• how to understand the role of Personal Savings and how to use U.S. government information to verify the formula in the real world

Tutorial: How to calculate the GDP

The basic formula for calculating the GDP is:

Y = C + I + E + G

where

Y = GDP

C = Consumer Spending

I = Investment made by industry

E = Excess of Exports over Imports

G = Government Spending

This formula is almost self-evident (if you take time to think about it)!

GDP is a measure of all the goods and services produced domestically. Therefore, to calculate the GDP, one only needs to add together the various components of the economy that are a measure of all the goods and services produced.

Many of the goods and services produced are purchased by consumers. So, what consumers spend on them (C) is a measure of that component.

The next component is the somewhat mysterious quantity "I," or investment made by industry. However, this quantity is mysterious only because investment does not have its ordinary meaning. When calculating the GDP, investment does NOT mean what we normally think of in the case of individuals. It does not mean buying stocks and bonds or putting money in a savings account (S in the diagram). When calculating the GDP, investment means the purchases made by industry in new productive facilities, or, the process of "buying new capital and putting it to use" (Gambs, John, Economics and Man, 1968, p. 168). This includes, for example, buying a new truck, building a new factory, or purchasing new software. This is indicated in the diagram by an arrow pointing from one factory (enterprise) to another. In essence, it shows the factory "reproducing itself" by buying new goods and services that will produce still more new goods and services. NOTE: There is a money-flow relationship between personal savings, S, and investment, I, but this does not figure directly in calculating the GDP. See Exercise 3 below.

The next component is E, or the difference between the value of all exports and the value of all imports. If Exports exceeds imports, it adds to the GDP. If not, it subtracts from the GDP. Thus, even if a nation's people work very hard to produce products for exports, but still import more than they export, the nation's GDP will be negatively impacted. This is one of the reasons trade deficits are frequently a political target. Because the balance of trade can be either positive or negative, we can rewrite the equation, showing the components of E, using X for Exports and M for Imports:

Y = C + I + (X - M)+ G

You may see the formula for the GDP written this way, and it may be easier for you to remember in this format.

The final component is G. The government buys (with your tax money) goods and services (G). These purchases are a measure of those goods and services produced. Be aware that many people make the mistake of thinking that the money paid in taxes and spent by the government is "lost" and therefore subtracts from the GDP. Tax money may indeed be spent inefficiently but this fact has no bearing on the calculation of the GDP.

Exercise 1: Understanding Money Flow in the GDP Components

Study the diagram below (source: www.moneychimp.com). The solid arrows indicate the components of the GDP, and the direction of the money flows. The arrow indicating the Trade Deficit would be in the opposite direction in the case of a Trade Surplus.

Source: www.moneychimp.com (labels added by MindTools)

Now go to the interactive version of this diagram at http://www.moneychimp.com/articles/econ/gdp_diagram.htm. At the MoneyChimp site, click on the various icons in the diagram (including the arrows!) for more information about the U.S. GDP. Use the diagram to answer the following questions. NOTE: The information given in the diagram for the first two questions represents historical averages and may not reflect the most current information. You may find the Glossary or other areas of MoneyChimp useful as well.

1. What portion of the GDP is accounted for by Consumer Spending?

2. What percent of the GDP is "lost" or subtracted from the total due to the trade deficit?

3. How does the money "lost" due to the trade deficit find its way back to the U.S.?

4. How is "Investment" defined on the diagram?

Did you find the answers? Check yourself with the Money Flow Quiz!

Exercise 2: Practice Calculating the GDP

Atoll K is small island nation. Its population total is 400, and it has 100 wage earners who earn an average of $50 per year. Each wage earner spends $40 per year buying local goods and services and $2.50 buying imports. The island exports a total of $800 worth of goods. The Government tax rate is 10% and all government money is spent on building infrastrcuture and supporting schools. There is only one industry (uranium mining) on the island and it employs every wage earner. The industry spends $600 each year on new mining equipment. What is the GDP? Check your answer with the GDP Calculation Quiz!

Exercise 3: Understanding the Role of Personal Savings and Using U.S. Government Figures to Verify the Formula

Now, let's look at the role played by personal savings. The diagram indicates that personal savings (what we normally call "investment") is actually a source of revenue for industry. This is because the money you put in the bank is loaned to businesses so that they can put it to work. Money NOT circulated in this way -- the money you stuff in a mattress -- would actually be subtracted from the GDP. For the most part, however, people do not put money in mattresses and the bank system uses the personal savings of individuals to give industry its reservoir of money to work from. This is why economists say that the amount of Savings is always going to be approximately equal to the amount available for Investment. Savings and Investment can become out of balance when there is more demand for investment money than what is available from domestic savings. In that case, more money is borrowed from foreign sources.

NOTE: Because additional Savings has the effect of supplying more money to industry, some economists have argued that if we want to correct the negative effect of the trade deficit (since it is subtracted from the GDP), we should encourage Savings, which will indirectly boost Investment.

To see the actual GDP figures for the U.S., go to http://www.gpoaccess.gov/eop/tables04.html. You may find this a useful site for information. At this site, you can download Excel Tables showing you the GDP from 1959 to the present. If you are adept at moving data and eliminating unnecessary information, you can generate a chart like the one below simply by editing the government-supplied chart. Notice that the GDP calculation in the chart uses the same headings we gave above in the formula for the GDP. An example calculation, made by plugging the chart entries for the year 2000 into the formula is show below.

Y       =      C     +    I      +     E    +     G

9817.0  =    6739.4  +  1735.5   -   379.5  +   1721.6  

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Created on ... February 24, 2004 Revised 3/13/2012

POLICY RATES AND RESERVE RATIOS MAY 2012

Policy rates and reserve ratios Policy rates, Reserve ratios, lending, and deposit rates as of 17 April, 2012 

Bank Rate 9.00%
Repo Rate 8.00%
Reverse Repo Rate 7.00%
Cash Reserve Ratio (CRR 4.75%
Statutory Liquidity Ratio (SLR) 24.0%
Base Rate 10.00%–10.75%
Reserve Bank Rate 4%
Deposit Rate 8.50%–9.25%

Bank Rate: RBI lends to the commercial banks through its discount window to help the banks meet depositor’s demands and reserve requirements. The interest rate the RBI charges the banks for this purpose is called bank rate. If the RBI wants to increase the liquidity and money supply in the market, it will decrease the bank rate and if it wants to reduce the liquidity and money supply in the system, it will increase the bank rate. As of 13 Feb, 2012 the bank rate was 9.5%.

Cash Reserve Ratio (CRR): Every commercial bank has to keep certain minimum cash reserves with RBI. Consequent upon amendment to sub-Section 42(1), the Reserve Bank, having regard to the needs of securing the monetary stability in the country, RBI can prescribe Cash Reserve Ratio (CRR) for scheduled banks without any floor rate or ceiling rate ( [Before the enactment of this amendment, in terms of Section 42(1) of the RBI Act, the Reserve Bank could prescribe CRR for scheduled banks between 3% and 20% of total of their demand and time liabilities]. RBI uses this tool to increase or decrease the reserve requirement depending on whether it wants to affect a decrease or an increase in the money supply. An increase in Cash Reserve Ratio (CRR) will make it mandatory on the part of the banks to hold a large proportion of their deposits in the form of deposits with the RBI. This will reduce the size of their deposits and they will lend less. This will in turn decrease the money supply. The current rate is 4.75%. ( As on Date- 9 March, 2012).

Statutory Liquidity Ratio (SLR): Apart from the CRR, banks are required to maintain liquid assets in the form of gold, cash and approved securities. Higher liquidity ratio forces commercial banks to maintain a larger proportion of their resources in liquid form and thus reduces their capacity to grant loans and advances, thus it is an anti-inflationary impact. A higher liquidity ratio diverts the bank funds from loans and advances to investment in government and approved securities.

In well-developed economies, central banks use open market operations—buying and selling of eligible securities by central bank in the money market—to influence the volume of cash reserves with commercial banks and thus influence the volume of loans and advances they can make to the commercial and industrial sectors. In the open money market, government securities are traded at market related rates of interest. The RBI is resorting more to open market operations in the more recent years.

Generally RBI uses three kinds of selective credit controls:

Minimum margins for lending against specific securities.
Ceiling on the amounts of credit for certain purposes.
Discriminatory rate of interest charged on certain types of advances.

Direct credit controls in India are of three types:

Part of the interest rate structure i.e. on small savings and provident funds, are administratively set.
Banks are mandatory required to keep 24% of their deposits in the form of government securities.
Banks are required to lend to the priority sectors to the extent of 40% of their advances.

FISCAL DEFICIT AND CALCULATION

How to calculate Fiscal Deficit? What is Fiscal Deficit? Fiscal Deficit is nothing but the difference between the money spent by the Government and the total income earned. Now,you can come to an idea that if the country has a fiscal deficit, then still the Government is not rich enough. How to calculate Fiscal Deficit? Let us consider the following example, If the Government earns Rs. 100 crores in a year, but spends 120 crores, then the Fiscal Deficit of the country is 20 crores. I guess, you can understand how to calculate the Fiscal deficit, by now. But as a matter of fact, Fiscal Deficit is usually not expressed in amount, rather in terms of percentage of GDP. So therefore lesser the Fiscal Deficit percentage, better is the country's growth. Now you have another doubt, i.e What is GDP? GDP is nothing but gross domestic product (GDP) or gross domestic income (GDI) and this is the term used to measure the country's overall economics output. You can calculate the GDP , with the help of this formula, GDP = consumption + investment + Government spending + (exports-imports) So, if we know the value of GDP, and the Fiscal value ( difference between expenditure and earnings), we can easily express the Fiscal Deficit in terms of GDP Reference http://factsdatabase.blogspot.com/2010/02/how-to-calculate-fiscal-deficit.html

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