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. 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
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.

Q2. 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
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.

Q3. 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
Ans.(c)
Sol. HDFC Life has announced the launch of an artificial intelligence-based application 'SPOK' that can automatically read, understand, categoriseprioritise and respond to customer emails sent to the private insurer. Mumbai is the corporate office of HDFC life.

Q4. 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
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.

Q5. _____________ 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
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.

Q6. How many remittances can be received by a single individual beneficiary under the scheme (MTSS) during a year?
(a) 40
(b) 45
(c) 55
(d) 35
(e) 30
Ans.(e)
Sol. Thirty remittances can be received by a single individual beneficiary under the scheme (MTSS) during a calendar year.

Q7. ________ has come into being with a vision to make early home ownership a real possibility through the provision of Mortgage Guarantee.
(a) SIDBI
(b) ECGC
(c) IMGC
(d) NHB
(e) NABARD
Ans.(c)
Sol. IMGC has come into being with a vision to make early home ownership a real possibility through the provision of Mortgage Guarantee. Mortgage Guarantee, a relatively new product in India, is actively used by lenders in developed markets as a tool to help promote and advance home ownership

Q8. The national agency mandated to control, analyse and disseminate Suspicious Transaction Reports(STR), Cash Transaction Reports and counterfeit currency reports to various investigative agencies of the country after receiving it from banks and other financial intermediaries is-?
(a) National Payments Corporation of India (NPCI)
(b) Central Bureau of Investigation (CBI)
(c) Financial Intelligence Unit (FIU)
(d) Intelligence Bureau (IB)
(e) Central Intelligence Unit (CIU)
Ans.(c)
Sol. The Financial Intelligence Unit (FIU) is the national agency mandated to collect, analyse and disseminate Suspicious Transaction Reports (STRs), Cash Transaction Reports and Counterfeit Currency Reports to various investigative agencies of the country after receiving it from banks and other financial intermediaries under a stipulated mechanism.

Q9. Currency Swap is an instrument to manage _______
(a) currency risk
(b) cash flows in different currency
(c) currency and interest rate risk
(d) interest rate risk
(e) All of the above
Ans.(b)
Sol. A currency swap (or a cross currency swap) is a foreign exchange derivative between two institutions to exchange the principal and/or interest payments of a loan in one currency for equivalent amounts, in net present value terms, in another currency. 

Q10. Which of the following agencies in India is responsible for computation of national income?
(a) NCAER
(b) CSO
(c) NSS
(d) RBI
(e) None of the given options is true
Ans.(b)
Sol. The Central Statistical Office which is one of the two wings of the National Statistical Organisation (NSO) is responsible for coordination of statistical activities in the country and for evolving and maintaining statistical standards. Its activities include compilation of National Accounts.

Q11. 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
Ans.(c)
Sol. According to the Income Tax act of 1961, the age of Super senior Citizens is 80 years.

Q12. Part of company’s earning or profit which is paid out to share holders is known as _______
(a) Premium
(b) Dividend
(c) Bonus
(d) Sum Assured
(e) Return
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.

Q13. 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
Ans.(a)
Sol. A Balance of payments statements is a summary of a nation’s total economic transactions undertaken on international account. It is usually composed of two sections:-
1. Current Account
2. Capital Account

Q14. 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
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.

Q15. Sukanya Samriddhi Account can be opened up to age of ________ years only from the date of birth.
(a) Five years
(b) Four years
(c) Six years
(d) Eight years
(e) Ten years
Ans.(e)
Sol. Sukanya Samriddhi Account can be opened up to age of 10 years only from the date of birth.


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