Banking Awareness Questions for IBPS PO and Clerk | 21st October 2018

Dear Aspirants,

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Banking Awareness for IBPS PO and Clerk  Exam 2018

With the increased competition in the field of banking examinations, it has now become very important to cover up all the sections efficiently. One subject that can help you bagging graceful marks in the minimum time in these examinations is Banking Awareness. Banking Awareness Quiz not only helps you deal with the General Awareness Section of Banking Exams but also, the Personal Interview round of Banking Recruitment.

Q1. What is the interest rate for the Rabi Food & Oilseeds crops in Pradhan Mantri Fasal Bima Yojana (PMFBY)?
(a) 2.0%
(b) 1.5%
(c) 5.0%
(d) 3.5%
(e) 4.0%

Q2. Which Bank's credit card issuer has announced the launch of 'ELA' (Electronic Live Assistant), a virtual assistant for customer support and services?
(a) State Bank of India
(b) HDFC Bank
(c) Bank of Baroda
(d) Axis Bank
(e) Punjab National Bank

Q3. Which Bank is all set to roll out a capacity building project with farmers in Haryana and Rajasthan under its ‘Livelihood and Water Security’ CSR initiative?
(a) ICICI Bank
(b) Bank of India
(c) State Bank of India
(d) Kotak Mahindra Bank
(e) Yes Bank

Q4. The World Bank has approved Rs.6000 crore to Central Sector Scheme of the Ministry of Water Resources, River Development and Ganga Rejuvenation for which scheme? 
(a) Pradhan Mantri Fasal Bima Yojana
(b) Atal Bhujal Yojana
(c) Atal Pension Yojana
(d) Pradhan Mantri Garib Kalyan Yojana
(e) Atal Mission for Rejuvenation and Urban Transformation

Q5. The Reserve Bank of India (RBI) has launched "financial literacy week" based on theme of _____________________ in Jammu and Kashmir with an aim for good practices for safe digital banking experience.
(a) money and education
(b) consumer protection
(c) how to recover NPA
(d) konw your rights
(e) bank power

Q6. According to SEBI, investors will be permitted to purchase mutual funds worth up to Rs ______________ through digital wallets.
(a) Rs 1,50,000
(b) Rs 1,00,000
(c) Rs 50,000
(d) Rs 5,000
(e) Rs 25,000

Q7. Enthused by the success of India's largest bank State Bank of India's merger, the government is reportedly mulling another mega bank merger. As per a report, the government is planning to merge Bank of four banks, they banks had reported a combined loss of Rs 21,646.38 crore in the year ended 31 March 2018. Name these four Banks?
(a) Bank of Baroda, Bank of India, Oriental Bank of Commerce and Indian Bank
(b) Punjab National Bank, IDBI Bank, Indian Overseas Bank and Central Bank
(c) Union Bank of India, IDBI Bank, Oriental Bank of Commerce and United Bank of India
(d) Bank of Baroda, IDBI Bank, Oriental Bank of Commerce and Central Bank of India
(e) Bank of Baroda, Corporation Bank, Allahabad Bank and Central Bank of India

Q8. Who has been appointed as the Chairman of Economic Advisory Council to PM (EAC-PM)?
(a) Shashikant Sharma
(b) Ratan Watal
(c) Rajiv Kumar
(d) Bibek Debroy
(e) Rajiv Mehrishi

Q9. The rate in which banks borrow loan from RBI for short term-
(a) Reverse Repo Rate
(b) Repo Rate
(c) Cash Reserve Ratio
(d) Base rate
(e) Marginal Standing Facility

Q10. Sukanya Samriddhi Account can now be opened with a minimum deposit of __________________ which was Rs 1,000 earlier. 
(a) Rs.250
(b) Rs.500
(c) Rs.750
(d) Rs.1250
(e) Rs.2000

Q11. The Ministry of Culture, Government of India has introduced a new scheme namely ‘Seva Bhoj Yojna’ with a total outlay of Rs. 325.00 Crores for Financial Years 2018-19 and 2019-20. "Seva Bhoj Yojana" is related to-
(a) Reimburse Central Share of CGST and IGST on Food/Prasad/Langar/Bhandara offered by Religious Institutions
(b) Sustainable ground water management with community participation in select over-exploited and ground water stressed areas in seven States
(c) Government-backed pension scheme in India targeted at the unorganised sector
(d) Focus to establish infrastructure that could ensure adequate robust sewage networks and water supply for urban transformation by implementing urban revival projects
(e) None of the given options is true

Q12. In a major relief to the medium and small enterprises sector the RBI has announced that GST registered MSME borrowers will get a further ___________ day window to pay dues if their accounts were standard as on August 31st 2017. 
(a) 30 days
(b) 150 days
(c) 90 days
(d) 120 days
(e) 180 days

Q13. The International Labour Organisation (ILO) has released a report "World Employment and Social Outlook Trends - 2018". As per the report, it is projected that the number of unemployed persons in India is expected to rise from 18.3 million in 2017 to 18.6 million in 2018 and 18.9 million by 2019. At the same time, unemployment rate is expected to remain static at ___________________ per cent during the same period.
(a) 5.5 per cent
(b) 2.5 per cent
(c) 3.5 per cent
(d) 4.5 per cent
(e) 0.5 per cent

Q14. Under the “Income Tax Informants Reward Scheme, 2018”, a person can get reward up to ___________________ for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.
(a) Rs. 10 lakh
(b) Rs. 05 lakh
(c) Rs. 50 lakh
(d) Rs. 60 lakh
(e) Rs. 90 lakh

Q15. Which Bank has announced an ESOP scheme with a view to retaining its talent and incentivising staff by issuing up to 10 crore equity shares? 
(a) Punjab National Bank
(b) ICICI Bank
(c) State Bank of India
(d) HDFC Bank
(e) Yes Bank

Solutions

S1. Ans.(b)
Sol. PMFBY will provide a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers and encourage them
for adoption of innovative practices. The Maximum Premium payable by the farmers will be 2% for all Kharif Food & Oilseeds crops, 1.5% for Rabi Food & Oilseeds crops and 5% for Annual Commercial/Horticultural Crops.

S2. Ans.(a)
Sol. SBI Card, the country's second largest credit card issuer, today announced the launch of 'ELA' (Electronic Live Assistant), a virtual assistant for customer support and services. Driven by Artificial Intelligence and Machine Learning, ELA is designed to enhance customer experience by providing relevant and instant responses to customer queries.

S3. Ans.(e)
Sol. YES Bank is all set to roll out a capacity building project with farmers in Haryana and Rajasthan under its ‘Livelihood and Water Security’ CSR initiative.

S4. Ans.(b)
Sol. The World Bank has approved Atal Bhujal Yojana (ABHY), a Rs.6000 crore  Central Sector Scheme of the Ministry of Water Resources, River Development  and Ganga Rejuvenation. The scheme is  to be implemented over a period of five years from 2018-19 to 2022-23, with World Bank assistance. The scheme proposal has already been recommended by the Expenditure Finance Committee and the  Ministry will  be seeking Cabinet approval for the project shortly.

S5. Ans.(b)
Sol. The Reserve Bank of India (RBI) has launched "financial literacy week" based on theme of consumer protection in Jammu and Kashmir with an aim for good practices for safe digital banking experience.

S6. Ans.(c)
Sol. Investors will be permitted to purchase mutual funds worth up to Rs 50,000 through digital wallets, the market regulator, Sebi said in a release. "Investments up to Rs 50,000 per mutual fund per financial year can be made using e-wallets," the regulator said while redemptions of such investments can be made only to the bank account of a unit holder. 

S7. Ans.(d)
Sol. Enthused by the success of India's largest bank State Bank of India's merger, the government is reportedly mulling another mega bank merger. As per a report, the government is planning to merge Bank of Baroda, IDBI Bank, Oriental Bank of Commerce and Central Bank of India. These four banks had reported a combined loss of Rs 21,646.38 crore in the year ended 31 March 2018. 

S8. Ans.(d)
Sol. Amidst rampant economic slowdown, Prime Minister Narendra Modi constituted an Economic Advisory Council to PM (EAC-PM) to help turn things around. Bibek Debroy, the vice chairman of Niti Aayog has been appointed as the Chairman of this economic review body. Also, Ratan Watal has been named member-secretary of the council, whereas Surjit Bhalla, Rathin Roy and Ashima Goel will be part-time members.

S9. Ans.(b)
Sol. Banks may have to borrow money from the RBI at times whenever there’s a shortfall. And when they borrow money from the RBI, they have to pay interest to them. The RBI lends money to the commercial banks at repo rate.

S10. Ans.(a)
Sol. The minimum amount required to open the Sukanya Samriddhi Yojana (SSY), a government backed scheme targeted towards a girl child and her financial needs, has been reduced. The Sukanya Samriddhi Account can now be opened with a minimum deposit of Rs 250 which was Rs 1,000 earlier. Also, in subsequent years, the minimum of Rs 250 needs to be deposited each year as against Rs 1,000 earlier. A maximum of Rs 1.5 lakh can be deposited during the ongoing financial year. 

S11. Ans.(a)
Sol. The Ministry of Culture, Government of India has introduced a new scheme namely ‘Seva Bhoj Yojna’ with a total outlay of Rs. 325.00 Crores for Financial Years 2018-19 and 2019-20. The scheme envisages to reimburse the Central Government share of Central Goods and Services Tax (CGST) and Integrated Goods and Service Tax (IGST)so as to lessen the financial burden of such Charitable Religious Institutions who provide Food/Prasad/Langar (Community Kitchen)/Bhandara free of cost without any discrimination to Public/Devotees.

S12. Ans.(e)
Sol. In a major relief to the medium and small enterprises sector the Reserve Bank of India on Wednesday announced that GST registered MSME borrowers will get a further 180 day window to pay dues if their accounts were standard as on August 31st 2017. This dispensation allowed to banks and NBFCs will be applicable for dues between September 2017 and January 2018 if the aggregate exposure does not exceed Rs 25 crore. Banks and NBFCs will also not be required to downgrade asset classification.

S13. Ans.(c)
Sol. The International Labour Organisation (ILO) has projected unemployment in India at 18.6 million in 2018, higher than 18.3 million in 2017 in its report, Parliament was informed. "The ILO released a report "World Employment and Social Outlook Trends - 2018". As per the report, it is projected that the number of unemployed persons in India is expected to rise from 18.3 million in 2017 to 18.6 million in 2018 and 18.9 million by 2019. At the same time, unemployment rate is expected to remain static at 3.5 per cent during the same period," Labour Minister Santosh Gangwar said in a written reply to Rajya Sabha. 

S14. Ans.(c)
Sol.  With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007. Under the revised scheme, a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.

S15. Ans.(a)
Sol. State-run Punjab National Bank (PNB) has announced an ESOP scheme with a view to retaining its talent and incentivising staff by issuing up to 10 crore equity shares. The bank stated it will issue up to 10 crore equity shares to its employees under 'Employee Stock Purchase Scheme (ESPS)'. A note is being placed to board in its ensuing meeting dated June 15, 2018 regarding ESPS with a proposal for issuance of up to 10 crore equity shares to its employees, the bank said in a regulatory filing. 

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