Banking Awareness Quiz for Bank Exam: 21-May-2020

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. Banking Awareness Quiz of 21st May 2020 covering the following topics: Reserve Bank of India, Deposit, Withdraw, Priority Sector Lending Certificates.

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. 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 or Insurance Recruitment.

                                   

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 21st May 2020 covering the following topics: Reserve Bank of India, Deposit, Withdraw, Priority Sector Lending Certificates.

Q1. Reserve Bank of India was established on 1st April, ______ in accordance with the provisions of Reserve Bank of India act _________.
(a) 1935, 1934
(b) 1934, 1935
(c) 1935, 1936
(d) 1937, 1938
(e) 1921, 1956

Q2. Which among the following is/are the different type(s) of category under priority sector?
(a) Agriculture
(b) Micro, Small and Medium Enterprises
(c) Export Credit
(d) All of the Above
(e) None of the given options is true

Q3. A _____________ account in a bank allows you to deposit and withdraw money any time you want and earn interest on it.
(a) Current account
(b) fixed deposit
(c) recurring deposit
(d) savings bank
(e) reinvestment deposit

Q4. The Priority Sector Lending Certificates (PSLCs) can be traded using the RBI‘s_______
(a) e-Kuber platform
(b) NEFT
(c) RTGS
(d) CBS
(e) IMPS

Q5. When it comes to the following term namely IPO, what do you mean by “P” in IPO?
(a) Provisions
(b) Public
(c) Private
(d) Provident
(e) Pension

Solutions

S1. Ans.(a)
Sol. The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.

S2. Ans.(d)
Sol. Categories of priority sector for all scheduled commercial banks will be as under:-
i. Agriculture
ii. Micro, Small and Medium Enterprises
iii. Export Credit
iv. Retail Trade
v. Education etc.

S3. Ans.(d)
Sol. A savings account in a bank allows you to deposit and withdraw money any time you want. The money is not only kept safe in a bank, you also earn interest on it. To open a savings account, all you need to do is approach your local bank with proof of identity (such as your PAN card, ration card, passport, voter ID card, etc.) and proof of residence (such as your electricity or telephone bill, your ration card, etc.) and two photographs.

S4. Ans.(a)
Sol. To facilitate trading in PSLCs, a trading platform is being provided through the CBS portal (e-Kuber). The detailed user manual/ instructions for trading on the platform are available through the portal.

S5. Ans.(b)
Sol. An Initial Public Offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. Public share issuance allows a company to raise capital from public investors.

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