PSEB SS NSQF BFSI (BC/BF) common mistakes
PSEB SS NSQF BFSI (BC/BF) · Understand the traps and how to avoid them.
Writing the debit and credit columns in the wrong order when passing a journal entry for a customer deposit, so cash is credited and the customer account debited.
Candidates memorize 'debit the receiver, credit the giver' as a phrase without mapping it to the double-entry rule that an asset increase is a debit; under time pressure they apply the mnemonic mechanically to the bank's books instead of the customer's.
What to do instead
Before every entry, state aloud which account is being debited and classify it (asset, liability, income, expense). Practise ten deposits and ten withdrawals writing 'Cash A/c Dr / Customer A/c Cr' in full words, then convert to T-format only after the wording is correct.
Computing simple interest when the question specifies compound interest, or applying the compounding frequency once instead of per period.
The formula sheet is recalled as 'P x R x T / 100' by default, and candidates do not re-read the stem for the words 'compounded half-yearly' or 'quarterly', so the rate and time are not adjusted to the period.
What to do instead
Underline the interest type and frequency in the stem before calculating. Convert rate to rate/periods-per-year and time to periods, then substitute. Do five problems each for yearly, half-yearly and quarterly compounding and compare the results side by side.
Treating a fixed deposit receipt, a cheque and a demand draft as interchangeable instruments when answering 'which instrument is payable to bearer/order' or 'which can be endorsed'.
All three are encountered at a bank counter and look like 'money documents'; candidates never build a comparison table, so negotiability, crossing and endorsement rules blur together.
What to do instead
Build a one-page comparison grid with columns for issuer, negotiability, crossing allowed, endorsement allowed and typical use, and fill it for cheque, DD, pay order and FD receipt. Recite the grid from memory before the exam.
Marking 'KYC is done once at account opening and never repeated' as correct, ignoring periodic updation and re-KYC triggers.
Candidates learn KYC as an opening-form ritual and do not connect it to ongoing due diligence, risk categorisation or the events (change of address, high-value transaction, dormant reactivation) that force re-verification.
What to do instead
Memorise the risk categories (low, medium, high) with their re-KYC intervals and list five trigger events. For each, write the document the bank must refresh. Test yourself by naming the trigger from a one-line scenario.
Confusing the roles of the RBI, SEBI, IRDAI and PFRDA when a question asks which regulator licenses or supervises a given entity.
The regulators are studied as a list of abbreviations, not as a map from institution to regulator, so a question about a mutual fund distributor or an insurance agent pulls the wrong name.
What to do instead
Draw a four-column regulator chart and place at least five regulated entities under each. Add the one-line mandate for each regulator. Recreate the chart from blank paper until all four columns are complete without prompts.
Quoting a maturity value or EMI without showing the working, then losing method marks even when the final figure is close.
Candidates treat numerical questions as multiple-choice and jump to the answer, forgetting that the practical paper awards step marks for formula, substitution and unit.
What to do instead
Adopt a fixed four-line layout for every calculation: formula, substitution with units, intermediate value, final answer with rupee sign and rounding note. Rehearse it on ten EMI and ten maturity-value sums until the layout is automatic.
Filling a account-opening or loan application form in the lab with blank mandatory fields, overwriting, or without the applicant's signature and date.
Under lab time pressure candidates treat the form as a rough worksheet and skip fields they consider optional, not realising that incomplete forms are a scored rejection in practical assessment.
What to do instead
Before writing, tick every mandatory field marked with an asterisk in a margin checklist. Use a pencil draft, then ink it. Finish by verifying signature, date, photograph and self-attestation boxes against the checklist.
Counting and sorting currency notes in the lab without applying the note-handling sequence, so the bundle is recounted differently on a second pass or soiled notes are left in the packet.
Candidates rush to finish within the time limit and skip the pre-count sorting step, mixing denominations and missing the separation of soiled and mutilated notes.
What to do instead
Follow the fixed sequence every time: sort by denomination, remove soiled and mutilated notes, count face-up in bundles of 100, band and label. Time yourself and repeat until three consecutive counts agree.
Recording a wrong narration or omitting the narration and voucher reference when posting a transaction in the simulated core-banking lab exercise.
Attention goes to the amount and account number fields, and the narration and voucher number are treated as cosmetic, so the posting cannot be traced back and is marked as an incomplete entry.
What to do instead
Use a standard narration pattern (mode, counterparty, purpose) and write the voucher number before saving. After each posting, read the entry back against the source voucher, checking date, amount, narration and reference in that order.
Skipping the reconciliation step at the end of a lab exercise, submitting the day book or cash position without matching it to the physical cash and vouchers.
Candidates see reconciliation as a separate topic rather than the closing step of every practical task, so they submit as soon as entries are posted.
What to do instead
Add a mandatory closing ritual: total the day book, count physical cash, list vouchers, and state any difference explicitly. Practise on a five-transaction set and write the reconciliation statement each time until it takes under three minutes.