Banking Awareness Questions for IBPS PO and Clerk Mains 2017

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Banking-Awareness-Questions-for-IBPS-PO-Exam-2017
Banking Awareness for IBPS Exam 2017

Just a few days are left for IBPS PO Mains. It is time to pace up your preparation of Banking Awareness for IBPS PO and Clerk Mains. These questions related to Banking Awareness will also help you in preparing for other upcoming banking recruitment examination.

Q1. According to accepting public deposits, NBFCs can be classified into ____ broad categories.
(a) Two
(b) Three
(c) Four
(d) One
(e) Five

S1. Ans.(a)
Sol. According to accepting public deposits, NBFCs can be classified into two broad categories, viz.,
(i) NBFCs accepting public deposit (NBFCs-D)
(ii) NBFCs not accepting/holding public deposit (NBFCs-ND).

Q2. Which of the following is the country’s largest custodian and depository participant?
(a) CIBIL
(b) SEBI
(c) NABARD
(d) SHCIL
(e) None of the given options is true

S2. Ans.(d)
Sol. Stock Holding Corporation of India Ltd (SHCIL), India’s largest custodian and depository participant.

Q3. As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to _____ rupees. 
(a) 20 lakh rupees
(b) 10 lakh rupees
(c) 25 lakh rupees
(d) 50 lakh rupees
(e) 5 lakh rupees

S3. Ans.(a)
Sol. The central bank has extended the scope of Banking Ombudsman Scheme. As per RBI, under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India. As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to 20 lakh rupees. The Reserve Bank extended the scope of Banking Ombudsman Scheme under which banks could be penalized for mis-selling third-party products like insurance and mutual funds via mobile or electronic banking.

Q4. Asian Infrastructure Investment Bank (AIIB) has approved USD 150 million equity investment loan to the India Infrastructure Fund. It is the bank's first such loan to fund private projects. AIIB based in-?
(a) France
(b) Australia
(c) China
(d) Germany
(e) USA

S4. Ans.(c)
Sol. China-led Asian Infrastructure Investment Bank (AIIB) has approved USD 150 million equity investment loan to the India Infrastructure Fund. It is the bank's first such loan to fund private projects.

Q5. According to the Income Tax Act of 1961, the age of Super Senior Citizens should be-
(a) 60 years
(b) 70 years
(c) 80 years
(d) 75 years
(e) 65 years

S5. Ans.(c)
Sol. According to the Income Tax act of 1961, the age of Super senior Citizens is 80 years.

Q6. Part of company’s earning or profit which is paid out to shareholders is known as _______
(a) Premium
(b) Dividend
(c) Bonus
(d) Sum Assured
(e) Return

S6. Ans.(b)
Sol. A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit or surplus, it can re-invest it in the business (called retained earnings) and pay a fraction of the profit as a dividend to shareholders.

Q7. Which of the following economic concepts is categorised on the basis of Current Account or Capital Account or both?
(a) Balance of Payments
(b) Value of the food grain stock of a country
(c) Gross National Product
(d) Gross National Income (GNI)
(e) Total collection of Direct Taxes in a year

S7. Ans.(a)
Sol. A Balance of payments statements is a summary of a nation’s total economic transactions undertaken on the international account. It is usually composed of two sections:-
1. Current Account
2. Capital Account

Q8. When there is a difference between all receipts and expenditure of the Government of India both capital and revenue it is called-
(a) Revenue Deficit
(b) Budgetary Deficit
(c) Zero Budgeting
(d) Trade Gap
(e) Balance of Payment Problem

S8. Ans.(b)
Sol. Budgetary deficit is the difference between all receipts and expenses in both revenue and capital account of the government. If revenue expenses of the government exceed revenue receipts, it results in revenue account deficit. Similarly, if the capital disbursements of the government exceed capital receipts, it leads to capital account deficit. Budgetary deficit is usually expressed as a percentage of GDP.

Q9. Sukanya Samriddhi Account can be opened up to the age of ________ years only from the date of birth.
(a) Five years
(b) Four years
(c) Six years
(d) Eight years
(e) Ten years

S9. Ans.(e)
Sol. Sukanya Samriddhi Account can be opened up to age of 10 years only from the date of birth.

Q10. Private sector lender Axis Bank reduced interest rate on savings bank accounts by 50 basis points to 3.5 percent for deposits up to-
(a) Rs 1 lakh 
(b) Rs 80 lakh 
(c) Rs 20 lakh 
(d) Rs 50 lakh
(e) Rs 10 lakh 

S10. Ans.(d)
Sol. Private sector lender Axis Bank reduced the interest rate on savings bank accounts by 50 basis points to 3.5 percent for deposits up to Rs 50 lakh. However, the bank will continue to pay 4 percent interest on deposits of above Rs 50 lakh.

Q11. Which of the following payments bank has announced a strategic partnership with Hindustan Petroleum Corporation Limited (HPCL) to give the further boost to digital payments in the country and add to customer convenience?
(a) Aditya Birla Nuvo
(b) Department of Posts
(c) Airtel Payments Bank 
(d) FINO PayTech
(e) National Securities Depository

S11. Ans.(c)
Sol. Airtel Payments Bank, India’s first payments bank has announced a strategic partnership with Hindustan Petroleum Corporation Limited (HPCL) to give the further boost to digital payments in the country and to add to customer convenience.

Q12. Name the smartphone maker company, which has tied up with State Bank of India to store higher variants of SBI debit cards on the app.
(a) Samsung
(b) Motorola
(c) Apple
(d) Lava
(e) Sony

S12. Ans.(a)
Sol. Smartphone-maker Samsung, which recently launched its digital wallet app Samsung Pay in India, has tied up with State Bank of India to store higher variants of SBI debit cards on the app.

Q13. Karnataka Bank has raised interest rates on savings bank account for large balance above Rs 1 crore to 5% while for small balances below Rs 1 lakh, the bank has reduced it to 3%. Where is the corporate office of Karnataka Bank-?
(a) Mangaluru
(b) Bengaluru
(c) Mumbai
(d) Chennai
(e) Kochin

S13. Ans.(a)
Sol. Karnataka Bank has raised interest rates on savings bank account for large balance above Rs 1 crore to 5% while for small balances below Rs 1 lakh, the bank has reduced it to 3%. Earlier the private bank was charging 4% irrespective of the amount in the account. Karnataka Bank was incorporated in 1924 at Mangaluru.

Q14. Kotak Mahindra Bank has launched Kotak Remit— an Aadhaar-based integrated outward forex remittance solution for both customers and non-customers recently. Who is the Executive Vice Chairman and Managing Director of Kotak Mahindra Bank?
(a) VY Reddy
(b) Aditya Kapoor
(c) Shikha Sharma
(d) Uday Kotak
(e) Nita Ambani

S14. Ans.(d)
Sol. Kotak Mahindra Bank has launched Kotak Remit — an Aadhaar-based integrated outward forex remittance solution for both customers and non-customers. Mr Uday Kotak is the Executive Vice Chairman and Managing Director of Kotak Mahindra Bank.

Q15. From 01st September 2017 Punjab National Bank's customers will have to pay charges for depositing cash above _______ in a non-base branch even if it is located in the same city. 
(a) Rs. 15,000 
(b) Rs. 25,000 
(c) Rs. 5,000
(d) Rs. 10,000 
(e) Rs. 20,000

S15. Ans.(c)
Sol. Come September, PNB customers will have to pay charges for depositing cash above Rs. 5,000 in a non-base branch even if it is located in the same city. Currently, the customers of Punjab National Bank have levied charges only for depositing cash over Rs. 25,000 at a non-base branch within the same city.

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