Banking Awareness Questions for IBPS RRBs PO and Clerk Exam 2017

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Banking Awareness for IBPS Exam 2017

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

Q1. Karnataka Vikas Grameena Bank and Andhra Pragathi Grameena Bank has recorded net profit of more than Rs 150 crore during 2016-17. How many Regional Rural Banks (RRBs) are currently working in India?
(a) 52
(b) 27
(c) 45
(d) 56
(e) 67

S1. Ans.(d)
Sol. Of the 56 regional rural banks (RRBs), Karnataka Vikas Grameena Bank and Andhra Pragathi Grameena Bank recorded net profit of more than Rs 150 crore during 2016-17. These are among the 49 RRBs that recorded a profit in 2016-17. According to the Reserve Bank of India’s ‘Report on Trend and Progress of Banking in India’, 45 of the 56 RRBs earned profits without carrying any accumulated losses during 2015-16.

Q2. DHFL Pramerica Life Insurance Company has signed on Dhanlaxmi Bank as its bancassurance partner. Dhanlaxmi Bank based in-
(a) Kerala
(b) Odisha
(c) Maharashtra
(d) Gujarat
(e) Rajasthan

S2. Ans.(a)
Sol. DHFL Pramerica Life Insurance Company has signed on Kerala-based Dhanlaxmi Bank as its bancassurance partner. Under the agreement, the latter will distribute retail and group life insurance products to its customers across 260 branches in India.

Q3. HDFC Bank has announced a software upgrade to create a single PoS machine which will accept payments through Unified Payments Interface (UPI), BharatQR, SMS Pay and the bank’s mobile wallet, in addition to the traditional mode of swiping cards. PoS stands for-?
(a) Product-of-Sale
(b) Point-of-Service
(c) Point-of-System
(d) Peace-of-Sale
(e) Point-of-Sale

S3. Ans.(e)
Sol. HDFC Bank announced a software upgrade to create a single point-of-sale (PoS) machine which will accept payments through Unified Payments Interface (UPI), BharatQR, SMS Pay and the bank’s mobile wallet, in addition to the traditional mode of swiping cards.

Q4. Banks importing gold and precious metals will have to pay ______ percent tax under the GST which can be claimed as input tax credit.
(a) 1 percent
(b) 7 percent
(c) 3 percent
(d) 5 percent
(e) 9 percent

S4. Ans.(c)
Sol. Banks importing gold and precious metals will have to pay 3 per cent tax under the GST which can be claimed as input tax credit. Under GST 3% Integrated-GST is payable on all imports of precious metals in addition to the basic customs duty. IGST paid can be taken as input tax credit by the banks.

Q5. Solar energy services company Freyr Energy has tied up with __________ to offer term loans ranging from Rs 5 lakh to Rs 50 lakh for tenures up to five years, for solar rooftop installations in Telangana and Andhra Pradesh.
(a) Kotak Mahindra Bank
(b) Axis Bank
(c) ICICI Bank
(d) HDFC Bank
(e) South Indian Bank

S5. Ans.(b)
Sol. Solar energy services company Freyr Energy has tied up with Axis Bank to offer term loans ranging from Rs 5 lakh to Rs 50 lakh for tenures up to five years, for solar rooftop installations in Telangana and Andhra Pradesh.

Q6. According to the Finance Minister Arun Jaitley, taxes worth Rs 92,283 crore were collected in July 2017 from just 64.42 per cent of the total taxpayer base after GST has launched on 01st July 2017. Which country was the first to introduce GST?
(a) Germany
(b) USA
(c) Japan
(d) Canada
(e) France

S6. Ans.(e)
Sol. The goods and services tax, GST, launched on 01st July 2017, has got off to a good start, with collections exceeding the revenue target for the first month. According to the Finance Minister Arun Jaitley, taxes worth Rs 92,283 crore were collected in July from just 64.42 per cent of the total taxpayer base. France was the first to introduce GST.

Q7. China will give approx __________ for a BRICS economic and technology cooperation plan and another project at the BRICS countries' New Development Bank.
(a) $90 Million
(b) $30 Million
(c) $50 Million
(d) $80 Million
(e) $10 Million

S7. Ans.(d)
Sol. China will give 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, and another $4 million for projects at the BRICS countries' New Development Bank stated Chinese President Xi Jinping. The announcement came amid questions over the relevance of BRICS and China's commitment to its New Development Bank (NDB) in light of the Belt and Road initiative and the China-led Asian Infrastructure Investment Bank.

Q8. Ujjivan Small Finance Bank Ltd, a wholly-owned subsidiary of Ujjivan Financial Services Ltd, has been given scheduled bank status by-?
(a) Finance Ministry
(b) SEBI
(c) RBI
(d) Government of India
(e) NABARD

S8. Ans.(c)
Sol. Ujjivan Small Finance Bank Ltd, a wholly-owned subsidiary of Ujjivan Financial Services Ltd, has been given scheduled bank status by RBI.

Q9. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was launched in-?
(a) February 2004
(b) June 2008
(c) September 2006
(d) May 2012
(e) November 2000

S9. Ans.(b)
Sol. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was launched in June 2008.

Q10. Fincare Small Finance Bank (previously known as Disha Microfin Limited) kick-started its banking operations with about 25 operational branches across Gujarat, Tamil Nadu, Karnataka and Andhra Pradesh.  Who is the present CEO of Fincare Small Finance Bank?
(a) Rajeev Yadav
(b) Chandra Shekhar Ghosh
(c) R A Sankara Narayanan
(d) Sunil Arora 
(e) Rajiv Mehrishi

S10. Ans.(a)
Sol. Fincare Small Finance Bank (previously known as Disha Microfin Limited) kick-started its banking operations with about 25 operational branches across Gujarat, Tamil Nadu, Karnataka and Andhra Pradesh. The bank was given final small finance bank (SFB) licence from the Reserve Bank of India (RBI) in May 2017. Rajeev Yadav is the CEO of Fincare Small Finance Bank.

Q11. KV Rama Moorthy has assumed charge as Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank.  Tamilnad Mercantile Bank based in-
(a) Rajasthan
(b) Kerala
(c) Gujarat
(d) Tamil Nadu
(e) Maharashtra

S11. Ans.(d)
Sol. KV Rama Moorthy has assumed charge as Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank. Prior to joining TMB, he was Executive Director of United Bank of India. He had also served as ED of Bank of Baroda for a brief period. He succeeds HS Upendra Kamath. Rama Moorthy’s appointment is for a period of three years. Tamilnad Mercantile Bank is Headquartered in Tuticorin, Tamilnadu.

Q12. Name the person, who has taken charge as Managing Director and Chief Executive Officer of Vijaya Bank?
(a) R A Sankara Narayanan
(b) Puneet Chhatwal
(c) Mr Rajiv Gauba
(d) RK Raghavan
(e) Ashish Chauhan

S12. Ans.(a)
Sol. R A Sankara Narayanan has taken charge as Managing Director and Chief Executive Officer of Vijaya Bank. He has taken over the reigns of the bank from Kishore Sansi, who reached superannuation on August 31st, 2017.

Q13. RBI included ___________ in the list of 'too big to fail' lenders, referred to as D-SIB or domestic systemically important bank. India's largest lender SBI and private sector major ICICI Bank was classified as D-SIBs in 2015.
(a) Kotak Mahindra Bank
(b) Bank of Baroda
(c) Axis Bank
(d) Punjab National Bank
(e) HDFC Bank

S13. Ans.(e)
Sol. RBI included HDFC Bank in the list of 'too big to fail' lenders, referred to as D-SIB or domestic systemically important bank. India's largest lender SBI and private sector major ICICI Bank were classified as D-SIBs in 2015. With the inclusion of HDFC Bank in the list, there will now be three 'too big to fail' financial entities in the country.

Q14. DBS Bank India financial services group DBS Group Holdings has received in-principle approval from the RBI to convert its existing India franchise to a locally incorporated wholly-owned subsidiary (WOS) in India. Where is the headquartered of DBS Bank?
(a) Switzerland
(b) Germany
(c) Singapore
(d) Netherlands
(e) Australia

S14. Ans.(c)
Sol. DBS Bank India, part of Singapore-based financial services group DBS Group Holdings, has received in-principle approval from the Reserve Bank of India (RBI) to convert its existing India franchise to a locally incorporated wholly-owned subsidiary (WOS) in India.

Q15. Reliance General Insurance has received in-principle approval from the Insurance Regulatory and Development Authority of India (IRDAI) for its IPO. IPO stands for-
(a) Initial Product Offering
(b) Initial Public Offering
(c) International Public Offering
(d) Initial Partnership Offering
(e) Indian Public Offering

S15. Ans.(b)
Sol. Reliance General Insurance has received in-principle approval from the Insurance Regulatory and Development Authority of India (IRDAI) for its Initial Public Offering (IPO).


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