IBPS RRB PO/Clerk Main Banking Awareness Quiz: 23rd August 2019

| Updated On September 13th, 2019 at 06:47 pm

Dear Aspirants,
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IBPS RRB PO/Clerk Main 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. The Reserve Bank of India has imposed a collective penalty of Rs 12 crore on 8 public sector banks. Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been imposed with a penalty of-?

(a) Rs 5 crore
(b) Rs 50 crore
(c) Rs 10 crore
(d) Rs 3 crore
(e) Rs 1.5 crore

S1. Ans.(e)
Sol. The Reserve Bank of India has imposed a collective penalty of Rs 12 crores on 8 public sector banks. The penalty has been imposed for non-compliance with certain provisions of directions issued by RBI on ‘Code of Conduct for Opening and Operating Current Accounts. Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been imposed with a penalty of Rs 1.5 crore each.
Q2. In its 3rd Bi-monthly Monetary Policy Committee meeting, the Reserve Bank of India has reduced the policy repo rate by 35 basis points (bps). The reverse repo rate under the LAF stands revised to-?
(a) 5.10%
(b) 5.25%
(c) 5.40%
(d) 5.15%
(e) 5.50%
S2. Ans.(d)
Sol. In its 3rd Bi-monthly Monetary Policy Committee meeting, the Reserve Bank of India has reduced the policy repo rate by 35 basis points (bps). The MPC has also decided to maintain the accommodative stance of monetary policy. The reverse repo rate under the LAF stands revised to 5.15%.

Q3. The Reserve Bank of India will make available the NEFT system on a 24×7 basis from December 2019 as per the Payment System Vision 2021 document. What is the full form of NEFT?
(a) National Electronic Funds Transaction
(b) National Electronic Funds Treaty
(c) National Electronic Funds Transfer
(d) National Electronic Financial Transfer
(e) Nominal Electronic Funding Transfer

S3. Ans.(c)
Sol. The Reserve Bank of India will make available the National Electronic Funds Transfer system on a 24×7 basis from December 2019 as per the Payment System Vision 2021 document. Presently, the transfer of funds via NEFT can only be done during banks’ working hours. The facility of electronic transfer of funds is available from 8 am to 7 pm on all working days, except the second and the fourth Saturday of the month.
Q4. Which card has announced the launch of Identity Check Express, a next-generation, mobile-first authentication solution that aims to redefine the e-commerce journey for Indian consumers?
(a) RuPay
(b) Mastercard
(c) Visa
(d) Maestro
(e) Capital One

S4. Ans.(b)
Sol. Mastercard announced the launch of Identity Check Express, a next-generation, mobile-first authentication solution that aims to redefine the e-commerce journey for Indian consumers. Mastercard Identity Check Express combines the latest technology, including device intelligence and behavioural biometrics, with the latest EMV 3-D Secure and FIDO authentication standards to deliver an uninterrupted mobile payment experience.
Q5. In its 3rd Bi-monthly Monetary Policy Committee meeting, RBI has reduced the real GDP growth for 2019-20 from 7% to-?
(a) 6.9%
(b) 6.7%
(c) 6.6%
(d) 6.8%
(e) 6.5%
S5. Ans.(a)
Sol. In its 3rd Bi-monthly Monetary Policy Committee meeting, the Reserve Bank of India has reduced the policy repo rate by 35 basis points (bps). RBI has also reduced the real GDP growth for 2019-20 from 7% to 6.9%.

Q6. NEFT is an electronic fund transfer system maintained by the Reserve Bank of India. NEFT was started in-
(a) November 2001
(b) November 2012
(c) November 2009
(d) November 2005
(e) November 2000

S6. Ans.(d)
Sol. National Electronic Funds Transfer is an electronic fund transfer system maintained by the Reserve Bank of India. Started in November 2005, the setup was established and maintained by the Institute for Development and Research in Banking Technology.
Q7. Who is present Managing Director & Chief Executive Officer of Oriental Bank of Commerce?
(a) Mukesh Kumar Jain
(b) PS Jayakumar
(c) Rakesh Sharma
(d) PV Bharathi
(e) Satish Kumar Kalra

S7. Ans.(a)
Sol. Mukesh Kumar Jain has been appointed as Managing Director & Chief Executive Officer, Oriental Bank of Commerce and assumed charge on 15th July 2017.
Q8. What is the minimum limit on the amount that could be transferred using NEFT?
(a) Rs 1,00,000
(b) Rs 2,00,000
(c) Rs 10,000
(d) Rs 50,000
(e) No limit

S8. Ans.(e)
Sol. There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT. However, the maximum amount per transaction is limited to ? 50,000/- for cash-based remittances within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.
Q9. Mastercard Incorporated is an ________________ multinational financial services corporation.
(a) German
(b) Chinese
(c) American
(d) Russian
(e) Indian

S9. Ans.(c)
Sol. Mastercard Incorporated is an American multinational financial services corporation headquartered in the Mastercard International Global Headquarters in New York, United States.
Q10. United Bank of India is an Indian government-owned bank headquartered in-?
(a) Chennai
(b) Kolkata
(c) Mumbai
(d) New Delhi
(e) Hyderabad

S10. Ans.(b)
Sol. United Bank of India is an Indian government-owned bank headquartered in Kolkata.
Q11. Private sector bank ___________________ and digital healthcare platform Practo have partnered to launch an industry-first co-branded health credit card. 
(a) South Indian Bank
(b) ICICI Bank
(c) Kotak Mahindra Bank
(d) RBL Bank
(e) Axis Bank

S11. Ans.(d)
Sol. Private sector bank, RBL Bank and digital healthcare platform Practo have partnered to launch an industry-first co-branded health credit card. This credit card is powered by Mastercard. RBL Bank’s new credit card offers benefits like online consultations with doctors and a free health check-up.
Q12. Business-to-business payments startup _____________ has launched the country’s first corporate credit card called ‘Freedom Card’ for small and medium enterprises (SMEs).
(a) EnKash
(b) Paytm
(c) FreeCharge
(d) Snapdeal
(e) PhonePe

S12. Ans.(a)
Sol. Business-to-business payments startup EnKash has launched the country’s first corporate credit card called ‘Freedom Card’ for small and medium enterprises (SMEs).
Q13. _______________ has announced that Aadhaar enabled Payment System has crossed the milestone of over 200 million transactions during July 2019. 
(a) FICCI
(b) IRDAI
(c) SEBI
(d) RBI
(e) NPCI

S13. Ans.(e)
Sol. National Payments Corporation of India has announced that Aadhaar enabled Payment System has crossed the milestone of over 200 million transactions during July 2019. The transaction count of AePS stood at 220 million in July 2019.
Q14. The Reserve Bank of India has permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments). The maximum limit for such a transaction will be-?
(a) Rs 10,000
(b) Rs 5,000
(c) Rs 2,000
(d) Rs 1,000
(e) Rs 15,000

S14. Ans.(c)
Sol. The Reserve Bank of India has permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments). The maximum limit for such a transaction will be Rs 2,000. While processing the first transaction in e-mandate-based recurring transaction series, additional factor authentication (AFA) validation should be performed.
Q15. Acko General Insurance, an insurtech company, has partnered with ZestMoney, a consumer lending fintech, to offer credit insurance. Where is the headquarters of Acko General Insurance?
(a) Nagpur
(b) Mumbai
(c) Pune
(d) Chennai
(e) Hyderabad

S15. Ans.(b)
Sol. Acko General Insurance, an insurtech company, has partnered with ZestMoney, a consumer lending fintech, to offer credit insurance. This insurance will help ZestMoney customers cover their monthly EMI payments during times of crisis. The headquarters of Acko General Insurance is in Mumbai.

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