Banking Quiz for Canara Bank and Syndicate Bank PO Exam 2018

Dear Aspirants,

Banking Quiz for Canara Bank and Syndicate Bank PO Exam 2018


With the increased competition in the field of banking examinations, it has now become very important to cover up all the sections efficiently. One subject that can help you bagging graceful marks in the minimum time in these examinations is Banking Awareness. Banking Awareness not only helps you deal with the General Awareness Section of Banking Exams but also, the Personal Interview round of Banking Recruitment.

Q1. ___________ is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch.

(a) Financial Fund
(b) Core Sector
(c) Online Banking
(d) ATM
(e) Net Banking

S1. Ans.(d)
Sol. Automated Teller Machine (ATM) is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch.

Q2. PIN is the numeric password which is separately mailed/handed over to the customer by the bank while issuing the card. PIN stands for-
(a) Personal Identification Number
(b) Product Identification Number
(c) Payment Identification Number
(d) Permanent Identification Number
(e) Percent Identification Number

S2. Ans.(a)
Sol. Personal Identification Number (PIN) is the numeric password which is separately mailed/handed over to the customer by the bank while issuing the card. Most banks require the customers to change the PIN on the first use. Customer should not disclose PIN to anybody, including to bank officials. Customers should change the PIN at regular intervals.

Q3. What is the meaning of "T" in ATM?
(a) Time
(b) Trade
(c) Teller
(d) Timing
(e) Treat

S3. Ans.(c)
Sol. ATM stands for- Automated Teller Machine.

Q4. What are White Label ATMs (WLAs)?
(a) Owned and operated by non-banks
(b) ATM operators are authorized under Payment & Settlement Systems Act, 2007
(c) WLAs may offer many other services/facilities to bank customers
(d) All of the above
(e) Owned and operated by PSBs

S4. Ans.(d)
Sol. All of the given options are properties of White Label ATMs (WLAs) except Owned and operated by PSBs.

Q5. LTV ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased. LTV stands for-
(a) Loan-To-Vehicles
(b) Loan-To-Value
(c) Loan-To-Van
(d) Lease-To-Value
(e) List-To-Value

S5. Ans.(b)
Sol. The loan-to-value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased.

Q6. 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

S6. Ans.(a)
Sol. thirty remittances can be received by a single individual beneficiary under the MTSS during a calendar year.

Q7. 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

S7. Ans.(b)
Sol. MTSS stands for Money Transfer Service Scheme.

Q8. 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

S8. Ans.(c)
Sol. AEPS stands for AADHAR Enabled Payment System.

Q9. 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

S9. 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.

Q10. 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

S10. Ans.(e)
Sol. An originator in India is allowed to remit a maximum of 12 remittances in a year under the Nepal Remittance Scheme.

Q11. The Reserve Bank of India (RBI) is to launch a financial literacy drive in 80 blocks in nine states on the pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases. What is the aim of this drive? 
(a) To inculcate the habit of making a household budget and recording financial transactions
(b) Encourage transactions in savings accounts
(c) Active saving by depositing in banks through fixed deposits and recurring deposits
(d) All of the above is the aim of this drive
(e) Refers to the efficient and effective management of money (funds) in such a manner as to accomplish the objectives

S11. Ans.(d)
Sol. The Reserve Bank of India (RBI) is to launch a financial literacy drive in 80 blocks in nine states on the pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases. The pilot project, according to RBI will be commissioned in the 9 states of Maharashtra, Chhattisgarh, Bihar, Odisha, Karnataka, Telangana, Andhra Pradesh, Haryana and Uttar Pradesh by the 6 NGOs in collaboration with the sponsor Banks. The aim of this drive is to inculcate the habit of making a household budget and recording financial transactions, encourage transactions in savings accounts, and active saving by depositing in banks through fixed deposits and recurring deposits.

Q12. Senior Citizen Savings Scheme (SCSS) Account is an individual of the Age of ________ or more may open the account.
(a) 60 years
(b) 55 years 
(c) 70 years 
(d) 50 years 
(e) 65 years

S12. Ans.(a)
Sol. Senior Citizen Savings Scheme (SCSS) Account- An individual of the Age of 60 years or more may open the account.

Q13. In the Fifth Bi-monthly Monetary Policy Statement 2017-18, the Monetary Policy Committee (MPC) has decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at-? 
(a) 5.50 percent
(b) 5.75 percent
(c) 6.25 percent
(d) 6.50 percent
(e) 6.00 percen

S13. Ans.(e)
Sol. On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent in the Fifth Bi-monthly Monetary Policy Statement 2017-18.

Q14. RBI has notified that P2P lending platforms need to be regulated and treated on par with Non-Banking Financial Companies (NBFCs). P2P stands for-
(a) Product-to-Product
(b) Peer-to-Peer
(c) Person-to-Person
(d) Primary-to-Primary
(e) Priority-to-Priority

S14. Ans.(b)
Sol. After a year or more of due-diligence, the RBI has notified that peer-to-peer (P2P) lending platforms need to be regulated and treated on par with non-banking financial companies (NBFCs). The final regulatory framework for P2P lenders is still awaited. Few important P2P lending platforms in India are LenDen Club, Faircent, Qbera, Lendbox, Rupaiya Exchange and Monexo.

Q15. Which among the following organisation has allowed Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) to raise capital by issuing debt securities?
(a) SIDBI
(b) IRDAI
(c) SEBI
(d) NABARD
(e) RBI

S15. Ans.(c)
Sol. The Securities and Exchange Board of India (SEBI) allowed Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) to raise capital by issuing debt securities. The move will help attract investors to the capital-starved property sector. In addition to allowing bond issuances, SEBI also introduced the concept of strategic investor for REITs, similar to InvITs.