SBI PO/Clerk Main Banking Awareness Quiz: 12th July

Dear Aspirants,

SBI PO/Clerk Main Banking Awareness Quiz: 12th July

SBI PO/Clerk Mains Banking Awareness Quiz

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. NPCI is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). What does NPCI stands for-
National Payments Corporation of Industry
National Payments Council of India
Nominal Payments Corporation of India
National Payments Corporation of India
National Product Corporation of India
Solution:
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Q2. In which among the following years NPCI was incorporated-
December 2008
January 2006
April 2010
July 2012
None of the given options is true
Solution:
NPCI was incorporated in December 2008.

Q3. The Bank for International Settlements (BIS) is the world's oldest international financial organisation. BIS was established on-
26th May 1961
01st October 1949
14th February 1914
21st August 1945
17th May 1930
Solution:
Established in 1930, the BIS is owned by 60 central banks, representing countries from around the world that together account for about 95% of world GDP. Its head office is in Basel, Switzerland and it has two representative offices: in Hong Kong SAR and in Mexico City.

Q4. Where is the head office of Bank for International Settlements (BIS)?
Zurich, Switzerland
New York, USA
Basel, Switzerland
Berlin, Germany
Geneva, Switzerland
Solution:
The head office of BIS is in Basel, Switzerland.

Q5. Under which act NPCI was incorporated as a Section 8?
Banking Regulation Act, 1949
Companies Act 2013
Reserve Bank of India Act, 1934
Societies Registration Act, 1860
None of the given options is true
Solution:
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. Considering the utility nature of the objects of NPCI, it has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems. The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.

Q6. Most banks are offering teaser rates on home loans. What does it mean?
The rates keep fluctuating during the period of loan with high uncertainty
The initial rate is offered at a rate lower than the prevailing market rate for a few months and then gradually keeps increasing
The initial rate is higher than the current market rate with offer of lower rates at a later date
Home loan borrowers of shorter duration are given preferential rate
None of the given options is true
Solution:
The initial rate is offered at a rate lower than the prevailing market rate for a few months and then gradually keeps increasing.

Q7. Who decides the value and volume of bank notes to be printed and on what basis?
Finance Ministry
Planning Commission
RBI
Stock Exchange
None of the given options is true
Solution:
RBI decides the value and volume of bank notes to be printed and on what basis.

Q8. Indian Banking Regulation Act was passed in the year?
1971
1969
1949
1947
None of the given options is true
Solution:
Indian Banking Regulation Act was passed in 1949.

Q9. Financial Market consists of-
Foreign exchange
Debt Instruments
Equities
All of the above
None of the given options is true
Solution:
A financial market is a market in which people trade financial securities and derivatives such as futures and options at low transaction costs. Securities include stocks and bonds, and precious metals.

Q10. Who is authorised to sign ‘one-rupee’ note?
Secretary, Ministry of Finance
RBI Governor
Prime Minister
Finance Minister
None of the given options is true
Solution:
Under Section 22 of the Reserve Bank of India Act, RBI has sole right to issue currency notes of various denominations except one rupee notes. The One Rupee note is issued by Ministry of Finance and it bears the signatures of Finance Secretary, while other notes bear the signature of Governor RBI.

Q11. ‘Closed Economy’ is that economy in which............?
Neither export nor import takes place
Deficit financing takes place
Only export takes place
All of the above
None of the given options is true
Solution:
A closed economy is one that has no trade activity with outside economies. The closed economy is self-sufficient, which means no imports come into the country and no exports leave the country. The purpose of a closed economy is to provide domestic consumers with everything they need from within the country's borders.

Q12. The SDR was created by the IMF in ____________ as a supplementary international reserve asset, in the context of the Bretton Woods fixed exchange rate system.
1945
1969
1980
1991
None of the given options is true
Solution:
The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. So far SDR 204.2 billion (equivalent to about US$291 billion) have been allocated to members, including SDR 182.6 billion allocated in 2009 in the wake of the global financial crisis. The value of the SDR is based on a basket of five currencies—the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.

Q13. The headquarters of SIDBI is in-
Lucknow
New Delhi
Mumbai
Kolkata
None of the given options is true
Solution:
The headquarters of SIDBI is in Lucknow, Uttar Pradesh.

Q14. LIC of India was established in-
1897
1956
1970
1965
1949
Solution:
LIC of India was established in 1956.

Q15. What is ‘Hawala market’?
Illegal market for exchanging rupees and foreign currencies
Full details of a subject
Illegal trading of shares
Tax evasion
None of the given options is true
Solution:
Hawala is a method of transferring money without any money actually moving. Interpol's definition of hawala is "money transfer without money movement." Another definition is simply "trust." Hawala is an alternative remittance channel that exists outside of traditional banking systems. Transactions between hawala brokers are made without promissory notes because the system is heavily based on trust and the balancing of hawala brokers' books.

               




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