Banking Awareness Questions for IBPS Clerk Mains 2017

Dear Readers,

Banking Awareness Questions for IBPS Clerk Mains 2017
Banking Awareness for IBPS Exam 2017

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

Q1. RTGS is a centralized payment system through which inter bank payment instructions are processed and settled. What is the meaning of "T" in RTGS?
(a) Traded
(b) Travel
(c) Transport
(d) Time
(e) Transit

S1. Ans.(d)
Sol. RTGS (Real Time Gross Settlement) is a centralized payment system through which inter bank payment instructions are processed and settled, on GROSS basis, in REAL TIME.

Q2. What is the Minimum amount limit through RTGS?
(a) Rs 2 lakh
(b) Rs 1 lakh
(c) Rs 4 lakh
(d) Rs 3 lakh
(e) Rs 5 lakh

S2. Ans.(a)
Sol. The Minimum amount limit through RTGS is Rs. 2 lacs and there is no limit to maximum amount.

Q3. NEFT is a nation-wide funds transfer system which facilitates fund transfer from any bank’s branch to any other bank’s branch. NEFT stands for-
(a) Nominal Electronic Funds Transfer 
(b) National Essential Funds Transfer 
(c) National Electronic Financial Transfer 
(d) National Electronic Funds Traded
(e) National Electronic Funds Transfer

S3. Ans.(e)
Sol. National Electronic Funds Transfer (NEFT) is a nation-wide payment system.

Q4. Which payment settlements happen in batches?
(a) RTGS
(b) NEFT
(c) MTSS
(d) AEPS
(e) UPI

S4. Ans.(b)
Sol. National Electronic Funds Transfer (NEFT) is a nation-wide payment system. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme. NEFT transactions are settled in batches.

Q5. What is the Minimum amount limit through NEFT?
(a) Rs 1 lakh
(b) Rs 3 lakh
(c) No limit
(d) Rs 2 lakh
(e) Rs 4 lakh

S5. Ans.(c)
Sol. There is no limit to minimum/maximum transaction value through NEFT.

Q6. ________ is a payment system which uses Aadhar card number and an individuals online UIDAI authentication, which are linked to a customers Bank account. 
(a) RTGS
(b) NEFT
(c) MTSS
(d) AEPS
(e) UPI

S6. Ans.(d)
Sol. AEPS is a payment system which uses Aadhar card number and an individuals online UIDAI authentication, which are linked to a customers Bank account.

Q7. What is the maximum amount of transaction per account per day through AEPS?
(a) Rs 10,000
(b) Rs 50,000
(c) Rs 30,000
(d) Rs 1,00,000
(e) Rs 1,000

S7. Ans.(b)
Sol. The maximum amount of transaction per account per day is Rs.50,000 through AEPS.

Q8. AEPS transactions are normally conducted by BCs service centres. BCs stands for-
(a) Business Commercial
(b) Business Condition
(c) Branch Correspondents
(d) Banking Correspondents
(e) Business Correspondents

S8. Ans.(e)
Sol. AEPS transactions are normally conducted by Business Correspondents (BCs) service centres.

Q9. __________ system of money transfer for transferring personal remittances from abroad to beneficiaries in India.
(a) RTGS
(b) NEFT
(c) MTSS
(d) AEPS
(e) UPI

S9. Ans.(c)
Sol. MTSS is a system of money transfer for transferring personal remittances from abroad to beneficiaries in India.

Q10. Amounts up to __________ may be paid in cash to a beneficiary in India through MTSS. 
(a) Rs 50,000
(b) Rs 25,000
(c) Rs 75,000
(d) Rs 1,00,000
(e) Rs 1,50,000

S10. Ans.(a)
Sol. Amounts up to INR 50,000/- may be paid in cash to a beneficiary in India through. These can also be loaded on to a pre-paid card issued by banks.

Q11. How many remittances can be received by a single individual beneficiary under the MTSS during a calendar year?
(a) 30
(b) 40
(c) 50
(d) 60
(e) 70

S11. Ans.(a)
Sol. thirty remittances can be received by a single individual beneficiary under the MTSS during a calendar year.

Q12. MTSS stands for-
(a) Money Transfer Service Send
(b) Money Transfer Service Scheme
(c) Money Transfer Service Solutions
(d) Money Transfer System Scheme
(e) Money Transaction Service Scheme

S12. Ans.(b)
Sol. MTSS stands for Money Transfer Service Scheme.

Q13. What is the full form of AEPS?
(a) AADHAR Enabled Payment Service
(b) AADHAR Enabled Payment Scheme
(c) AADHAR Enabled Payment System
(d) AADHAR Enabled Payment Solution
(e) AADHAR Enabled Product System

S13. Ans.(c)
Sol. AEPS stands for AADHAR Enabled Payment System.

Q14. Nepal Remittance Scheme is a cross-border one-way remittance facility scheme for remittance from India to Nepal,  enabled under the NEFT Scheme. A remitter can transfer funds up to Indian Rupees ______ (maximum permissible amount) from any of the NEFT-enabled branches in India.
(a) Rs 2,00,000
(b) Rs 1,00,000
(c) Rs 1,50,000
(d) Rs 50,000
(e) Rs 2,50,000

S14. Ans.(d)
Sol. Indo-Nepal Remittance Facility is a cross-border remittance scheme to transfer funds from India to Nepal, enabled under the NEFT Scheme. The scheme was launched to provide a safe and cost-efficient avenue to migrant Nepalese workers in India to remit money back to their families in Nepal. A remitter can transfer funds up to Indian Rupees 50,000 (maximum permissible amount) from any of the NEFT-enabled branches in India. The beneficiary would receive funds in Nepalese Rupees.

Q15. An originator in India is allowed to remit a maximum of ______ remittances in a year under the Nepal Remittance Scheme.
(a) 42
(b) 10
(c) 24
(d) 18
(e) 12

S15. Ans.(e)
Sol. An originator in India is allowed to remit a maximum of 12 remittances in a year under the Nepal Remittance Scheme.