Banking Awareness Questions for IBPS RRBs PO and Clerk Exam 2017

Dear Readers,

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

Banking Quiz 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. At present many public sector banks and one private sector bank are authorized to handle the Senior Citizens Savings Scheme (SCSS), 2004. Name the private sector bank, which is authorized to handle the Senior Citizens Savings Scheme (SCSS), 2004?
(a) ICICI Bank
(b) HDFC Bank
(c) Axis Bank
(d) Yes Bank
(e) Kotak Mahindra Bank

S1. Ans.(a)
Sol. Only ICICI Bank is authorized to handle the Senior Citizens Savings Scheme (SCSS), 2004.

Q2. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises. As under a micro enterprise is an enterprise where investment in plant and machinery does not exceed ..............?
(a) Rs. 100 lakh
(b) Rs. 15 lakh
(c) Rs. 25 lakh
(d) Rs. 50 lakh
(e) None of the given options is true

S2. Ans.(c)
Sol. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises. As under a micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs 25 lakhs.

Q3. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. In which year Commercial Paper was introduced in India?
(a) 1975
(b) 1990
(c) 1985
(d) 1955
(e) 1980

S3. Ans.(b)
Sol. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. It was introduced in India in 1990.

Q4. Which Bank of India maintains the Principal Accounts of Central as well as State Governments at its Central Accounts Section? 
(a) IDBI
(b) SBI
(c) SIDBI
(d) NABARD 
(e) RBI

S4. Ans.(e)
Sol. RBI has maintained the Principal Accounts of Central as well as State Governments at its Central Accounts Section.

Q5. Who are eligible to issue Commercial Paper (CP)?
(a) Corporates
(b) Primary dealers (PDs)
(c) All-India Financial Institutions (FIs)
(d) All of the above
(e) None of the given options is true

S5. Ans.(d)
Sol. Corporates, primary dealers (PDs) and the All-India Financial Institutions (FIs) are eligible to issue Commercial Paper (CP).

Q6. NPCI is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). What does NPCI stand for-
(a) National Payments Corporation of Industry
(b) National Payments Council of India
(c) Nominal Payments Corporation of India
(d) National Payments Corporation of India
(e) National Product Corporation of India

S6. Ans.(d)
Sol. National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).

Q7. In which among the following years NPCI was incorporated-
(a) December 2008
(b) January 2006
(c) April 2010
(d) July 2012
(e) None of the given options is true

S7. Ans.(a)
Sol. NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. It was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies Act 2013) and is aimed to operate for the benefit of all the member banks and their customers.

Q8. The Bank for International Settlements (BIS) is the world's oldest international financial organisation. BIS was established on-
(a) 26th May 1961
(b) 01st October 1949
(c) 14th February 1914
(d) 21st August 1945
(e) 17th May 1930

S8. Ans.(e)
Sol. Established on 17 May 1930, the Bank for International Settlements (BIS) is the world's oldest international financial organisation. The BIS has 60 member central banks, representing countries from around the world that together make up about 95% of world GDP.

Q9. Where is the head office of Bank for International Settlements (BIS)?
(a) Zurich, Switzerland
(b) New York, USA
(c) Basel, Switzerland 
(d) Berlin, Germany
(e) Geneva, Switzerland

S9. Ans.(c)
Sol. Basel, Switzerland is the head office of Bank for International Settlements (BIS).

Q10. Under which act NPCI was incorporated as a Section 8?
(a) Banking Regulation Act, 1949
(b) Companies Act 2013
(c) Reserve Bank of India Act, 1934
(d) Societies Registration Act, 1860 
(e) None of the given options is true

S10. Ans.(b)
Sol. NPCI was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies Act 2013) and is aimed to operate for the benefit of all the member banks and their customers.

Q11. The World Bank Group consists of how many organisations-
(a) One
(b) Two
(c) Three
(d) Four
(e) Five

S11. Ans.(e)
Sol. The World Bank Group consists of five organizations. These are:-
1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)

Q12. The World Bank is like a cooperative, made up of --------------- member countries. These member countries, or shareholders, are represented by a Board of Governors, who is the ultimate policymakers at the World Bank. 
(a) 189
(b) 193
(c) 159
(d) 173
(e) 187

S12. Ans.(a)
Sol. The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank.

Q13. Name the agency, which is an agency to provide ‘soft-loans’ to developing countries?
(a) Asian Infrastructure Investment Bank (AIIB)
(b) Organization of the Petroleum Exporting Countries (OPEC) 
(c) Asian Development Bank (ADB)
(d) World Trade Organization (WTO)
(e) International Development Association (IDA)

S13. Ans.(e)
Sol. International Development Association (IDA) is an agency to provide ‘soft-loans’ to developing countries.

Q14. On July 15, 2014, at the sixth summit in Fortaleza, Brazil the member countries signed the Articles for the New Development Bank (NDB). What is the authorised capital of NDB?
(a) USD 200 billion
(b) USD 300 billion
(c) USD 500 billion
(d) USD 100 billion
(e) None of the above

S14. Ans.(d)
Sol. At the fourth BRICS Summit in New Delhi (2012), the leaders of Brazil, Russia, India, China and South Africa considered the possibility of setting up a New Development Bank (NDB) to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries. the authorised capital of NDB is USD 100 billion.

Q15. The first Board of Governors meeting of the BRICS New Development Bank was held in ____________ on July 7, 2015, where the Bank formally came into existence as a legal entity. 
(a) Brazil
(b) Russia
(c) South Africa
(d) India
(e) China

S15. Ans.(b)
Sol. The inaugural meeting of the Board of Governors of the NDB was chaired by Russia and held on the eve of the Ufa Summit on 7 July 2015, when the Bank formally came into existence as a legal entity.

You may also like to Read: