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. SEPA Stands for-
(a) Scottish Environment Protection Agency
(b) Single Euro Payments Area
(c) Scottish Environment Protection Area
(d) Single Euro Payments Agency
(e) None of the given options is true

S1. Ans.(b)
Sol. The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro.

Q2. The Definition of ‘Banking’ is given in-
(a) Negotiable Instrument Act, 1881
(b) RBI Act, 1934
(c) The Banking Regulation Act, 1949
(d) Indian Contract Act, 1872
(e) None of the given options is true

S2. Ans.(c)
Sol. As per Section 5(b) of the Banking Regulation Act, 1949 , “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdraw-able by cheque, draft, order or otherwise.

Q3. Which of the following is governed by the provisions of Section 42 (1) of the Reserve Bank of India Act, 1934?
(a) Bank rate
(b) Reverse Repo Rate
(c) SLR
(d) CRR
(e) MSF

S3. Ans.(d)
Sol. CRR is governed by the provisions of Section 42 (1) of the Reserve Bank of India Act, 1934.

Q4. Spurious coins detected at the counter are sent to-
(a) RBI
(b) GOI
(c) IBRD
(d) Mint
(e) Finance Ministry

S4. Ans.(d)
Sol. when Spurious coins tendered over the counter, it should be cut and handed over to the tenderer. If the tenderer disputes it, the coins should be sent to the mint at his cost, for examination.

Q5. National Sample Survey Organisation (NSSO) is an organization under the-
(a) Ministry of Finance
(b) Ministry of Rural Development
(c) Ministry of Commerce and Industry
(d) Ministry of Electronics and Information Technology
(e) Ministry of Statistics and Programme Implementation

S5. Ans.(e)
Sol. The National Sample Survey Organisation (NSSO), now known as National Sample Survey Office, is an organization under the Ministry of Statistics and Programme Implementation of the Government of India. It is the largest organisation in India conducting regular socio-economic surveys.

Q6. Standard & Poor's (S&P) Global Ratings and its predecessor organizations have been in business for more than 150 years. (S&P) based in-
(a) New York, USA
(b) London, UK
(c) Paris, France
(d) Vienna, Austria
(e) Geneva, Switzerland

S6. Ans.(a)
Sol. Standard & Poor’s Financial Services is an American (New York, USA) financial services company. It is a division of S&P Global that publishes financial research and analysis on stocks, bonds and commodities.

Q7. Which is a full service credit rating agency exclusively set up for micro, small and medium enterprises?
(a) CRISIL
(b) ICRA
(c) CARE
(d) ONICRA
(e) SMERA

S7. Ans.(e)
Sol. SMERA Ratings Limited (formerly SME Rating Agency of India Ltd.) is a full service credit rating agency exclusively set up for micro, small and medium enterprises.

Q8. Which of the following is an independent banking industry watchdog that protects consumers of banking services in the
country?
(a) BBB
(b) IBA
(c) BCSBI
(d) IBRD
(e) RBI

S8. Ans.(c)
Sol. The Banking Codes and Standards Board of India (BCSBI) is an independent banking industry watchdog that protects consumers of banking services in India.

Q9. The Banking Codes and Standards Board of India (BCSBI) was registered as a society under the _____________ in February 2006.
(a) Companies Act, 1956
(b) Societies Registration Act, 1860
(c) Banking Regulation Act, 1949
(d) Reserve Bank of India Act, 1934
(e) None of the given options is true

S9. Ans.(b)
Sol. The Banking Codes and Standards Board of India was registered as a society under the Societies Registration Act, 1860 in February 2006. It functions as an independent and autonomous body. Membership of BCSBI is voluntary and open to scheduled banks.

Q10. Where is the head office of SMERA?
(a) Chennai
(b) Gurugram
(c) New Delhi
(d) Mumbai
(e) Bengaluru

S10. Ans.(d)
Sol. SMERA has its Registered and Head Office in Mumbai, branches at 9 cities and representatives in more than 50 clusters across India.

Q11. Softbank has made its biggest investment in an Indian digital enterprise by sealing a funding round of Rs 9,000 crore ($1.4 billion) in mobile payments provider Paytm. Softbank is based in-
(a) Austria
(b) Japan
(c) Hong Kong
(d) China
(e) Russia

S11. Ans.(b)
Sol. Softbank has made its biggest investment in an Indian digital enterprise by sealing a funding round of Rs 9,000 crore ($1.4 billion) in mobile payments provider Paytm.The Japanese internet and telecom conglomerate will now own about a fifth of the Noida-based company estimated to be worth $8 billion, making it the country’s second most valuable startup. This is the largest fund infusion by a single investor in an Indian start-up and also Softbank's largest investment in a single company in India.

Q12. Which among the following banks has entered into a Memorandum of Understanding (MoU) with Life Insurance Corporation (LIC) of India for selling life insurance products of LIC?
(a) Kotak Mahindra Bank
(b) Axis Bank
(c) ICICI Bank
(d) State Bank of India
(e) Karnataka Bank

S12. Ans.(e)
Sol. Karnataka Bank Ltd has entered into a Memorandum of Understanding (MoU) with Life Insurance Corporation (LIC) of India for selling life insurance products of LIC.

Q13. HDFC Life has announced the launch of an artificial intelligence-based application 'SPOK' that can automatically read, understand, categorise, prioritise and respond to customer emails sent to the private insurer. Where is the corporate office of HDFC life?
(a) Nainital
(b) Jaipur
(c) Mumbai
(d) New Delhi
(e) Ahmedabad

S13. Ans.(c)
Sol. HDFC Life has announced the launch of an artificial intelligence-based application 'SPOK' that can automatically read, understand, categorise, prioritise and respond to customer emails sent to the private insurer. Mumbai is the corporate office of HDFC life.

Q14. Which bank has launched a new trading platform called “Selfie” for customers in association with Geojit?
(a) Federal Bank
(b) IDFC Bank
(c) Kotak Mahindra Bank
(d) HDFC Bank
(e) ICICI Bank

S14. Ans.(a)
Sol. Federal Bank, in association with Geojit, has launched a new trading platform called “Selfie” for customers. Designed and managed by Geojit, the trading platform will give its users absolute control over their investments with timely research inputs to make sound investment decisions.

Q15. _____________ and IFFCO rolled out their first set of co-branded debit cards for farmers as part of a novel initiative to push digitalisation and cashless economy.
(a) SIDBI
(b) SBI
(c) PNB
(d) BOB
(e) NABARD

S15. Ans.(d)
Sol. Bank of Baroda (BOB) and IFFCO has rolled out their first set of co-branded debit cards for farmers as part of a novel initiative to push digitalisation and cashless economy. Both the organisations in February 2017 entered into a memorandum of understanding (MoU) in this regard. The co-branded debit cards, with inbuilt overdraft of Rs. 2,500 in special savings bank account, could be used for purchase of various agri products at IFFCO sale counters.


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