10+ Genpact Interview Questions and Answers

Deceased claim process in without nominee case

• The legal heir needs to submit a claim form along with the death certificate of the account holder

• The bank will verify the claim and the legal heir's relationship with the deceased

• If the claim is approved, the funds will be transferred to the legal heir's account

• If there are multiple legal heirs, the funds will be divided among them as per the succession laws

• If the legal heir is a minor, a guardian needs to be appointed to receive...read more

Soiled notes are dirty or stained while mutilated notes are damaged or torn.

• Soiled notes are still intact and can be used for transactions but may require cleaning.

• Mutilated notes are no longer usable and need to be replaced by the central bank.

• Examples of soiled notes include those with ink stains, dirt, or oil marks.

• Examples of mutilated notes include those with missing corners, holes, or tears.

• Banks are responsible for sorting and separating soiled and mutilated notes from...read more

Technical verification in clearing refers to the process of verifying the accuracy and completeness of trade data and ensuring compliance with regulatory requirements.

• It involves checking trade data against market rules and regulations

• It ensures that all necessary information is included in the trade data

• It helps to prevent errors and reduce the risk of trade failures

• Examples include verifying trade details such as trade date, settlement date, quantity, price, and counterpart...read more

Recent developments in the banking industry include digital banking, fintech partnerships, and increased focus on cybersecurity.

• Digital banking has become more prevalent, with customers being able to perform transactions and access services online or through mobile apps.

• Fintech partnerships have emerged, where traditional banks collaborate with technology companies to offer innovative financial products and services.

• There is a growing emphasis on cybersecurity to protect cust...read more

Third party products in banking can provide additional services and benefits to customers.

• Third party products can enhance the range of services offered by a bank.

• They can provide specialized services that the bank may not have expertise in.

• Examples of third party products in banking include insurance policies, investment products, and credit cards.

• These products can help attract and retain customers by offering additional benefits.

• However, banks need to carefully evaluate an...read more

CTS stands for Cheque Truncation System. It reduces the Turnaround Time (TAT) of clearing cheques.

• CTS is a system implemented by banks to eliminate the physical movement of cheques during the clearing process.

• Under CTS, instead of the physical cheque, an electronic image of the cheque is transmitted for clearing.

• This eliminates the need for physical transportation of cheques between banks, reducing the time taken for clearing.

• CTS has significantly reduced the TAT of clearing ...read more

India's GDP growth is expected to accelerate to 6.7% in the second half of the fiscal year, with full-year 2024-25 GDP growth projected at 6.4%.

• India's economic growth is forecasted to pick up to 6.7% in the second half of the fiscal year.

• The full-year GDP growth for 2024-25 is expected to be 6.4%.

• Factors such as government policies, global economic conditions, and domestic consumption will influence India's GDP growth.

• The services sector, manufacturing sector, and agricultur...read more

Deceased claim process in without nominee case involves processing the claim in favor of legal heirs.

• Verify the death certificate of the deceased

• Identify the legal heirs of the deceased

• Obtain necessary legal documents such as succession certificate or probate

• Process the claim in the name of legal heirs as per the succession laws

• Ensure all required documents are submitted for claim processing

DN1 & DN2 are designations for different levels of Deputy Branch Managers in some organizations.

• DN1 is typically a lower level position with less responsibility than DN2.

• DN2 is usually a more senior position with greater responsibility and authority.

• The specific duties and requirements for each designation may vary depending on the organization.

• For example, DN1 may be responsible for managing a smaller team or branch, while DN2 may oversee multiple branches or have a larger s...read more

Bait money is a form of currency that is marked and used to track criminals who steal from banks or other financial institutions.

• Bait money is typically used in sting operations to catch thieves and robbers.

• The money is marked with special ink or dye that can be easily identified by law enforcement.

• Bait money can also be used to track the movement of stolen money and identify suspects.

• It is important to keep the use of bait money confidential to ensure its effectiveness in ca...read more

The process of deceased claim in without nominee case involves legal procedures and documentation.

• Verify the death certificate of the deceased individual

• Obtain legal heirship certificate from the court

• Submit the necessary documents to the bank or financial institution

• The claim amount may be distributed among legal heirs as per succession laws

Counterfeit currency can be handled by identifying it and reporting it to the authorities.

• Train employees to identify counterfeit currency through visual inspection and counterfeit detection tools

• If counterfeit currency is identified, immediately notify the authorities and provide them with all relevant information

• Do not return counterfeit currency to the customer and explain the situation to them

• Keep the counterfeit currency in a secure location until the authorities arrive

• C...read more

Consumer right policy is a set of rules and regulations that protect the rights of consumers in the marketplace.

• It ensures that consumers have access to accurate information about products and services

• It protects consumers from fraudulent or deceptive practices

• It allows consumers to file complaints and seek redress for grievances

• Examples include the Consumer Protection Act in India and the Consumer Rights Directive in the European Union

SLR, MCLR, and Repo rate are important monetary policy tools used by central banks to regulate the economy.

• SLR (Statutory Liquidity Ratio) is the percentage of deposits that banks are required to maintain in the form of liquid assets such as government securities.

• MCLR (Marginal Cost of Funds based Lending Rate) is the minimum interest rate that a bank can lend at, and is based on the bank's cost of funds.

• Repo rate is the rate at which the central bank lends money to commercia...read more

Locker facility is a secure storage space provided to customers for storing valuables. Audit management involves overseeing and ensuring compliance with audit procedures.

• Locker facility is a service offered by banks and other financial institutions to customers for storing valuable items such as jewelry, documents, and cash in a secure manner.

• Audit management involves planning, organizing, and overseeing the audit process to ensure compliance with regulatory requirements and ...read more

BCSBI stands for Banking Codes and Standards Board of India. It is a voluntary organization that aims to ensure fair banking practices.

• BCSBI was set up in 2006 by the Reserve Bank of India and Indian Banks' Association.

• It has developed a Code of Bank's Commitment to Customers, which outlines the minimum standards of banking practices that banks should follow.

• BCSBI also conducts audits of banks to ensure compliance with the Code.

• The organization aims to promote transparency, f...read more

Handling deceased claim process involves compassion, attention to detail, and adherence to company policies.

• Ensure timely processing of claim to provide financial assistance to the deceased's family

• Communicate with family members with empathy and sensitivity

• Verify all necessary documentation and information to prevent fraud

• Coordinate with relevant departments to finalize the claim

• Follow company protocols and legal requirements for handling deceased claims