Banking Quiz for IBPS Clerk Mains and IPPB Officers Exam

Dear Aspirants,

Banking Quiz for IBPS Clerk Mains and IPPB Officers Exam


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 Recruitments.
                                                         
Q1. What is the interest rate of KVP as on 01st January 2018? 
(a) 7.5% compounded annually
(b) 7.7% compounded annually
(c) 7.4% compounded annually
(d) 7.3% compounded annually
(e) 7.6% compounded annually

S1. Ans.(d)
Sol. The interest rate of KVP as on 01st January 2018 is 7.3% compounded annually.

Q2. Sukanya Samriddhi Accounts can be opened up to age of _______ years only from the date of birth.
(a) 5 years
(b) 20 years
(c) 10 years
(d) 15 years
(e) 25 years

S2. Ans.(c)
Sol. Sukanya Samriddhi Accounts can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003? &1.12.2004 can open account up to1.12.2015.

Q3. If minimum Rs __________is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year in Sukanya Samriddhi Accounts?
(a) Rs 2000/-
(b) Rs 1000/-
(c) Rs 3000/-
(d) Rs 5000/-
(e) Rs 10,000/-

S3. Ans.(b)
Sol. If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year in Sukanya Samriddhi Accounts.

Q4. Sukanya Samriddhi Accounts can be closed after completion of-
(a) 21 years
(b) 25 years
(c) 18 years
(d) 10 years
(e) 32 years

S4. Ans.(a)
Sol. Sukanya Samriddhi Accounts can be closed after completion of 21 years.

Q5. What is the interest rate of Sukanya Samriddhi Accounts as on 01st January 2018?  
(a) 8.5% Per Annum
(b) 8.3% Per Annum
(c) 8.1% Per Annum
(d) 8.7% Per Annum
(e) 8.9% Per Annum

S5. Ans.(c)
Sol. 8.1% Per Annum is the interest rate of Sukanya Samriddhi Accounts as on 01st January 2018.

Q6. The objectives of setting up of payments banks will be to further financial inclusion by providing-
(a) Small savings accounts
(b) Payments/remittance services to migrant labour workforce,
(c) Low income households
(d) All of the above
(e) None of the given options is true

S6. Ans.(d)
Sol. The objectives of setting up of payments banks will be to further financial inclusion by providing (i) small savings accounts and (ii) payments/remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users.

Q7. Acceptance of demand deposits. Payments bank will initially be restricted to holding a maximum balance of __________ per individual customer.
(a) Rs 1 lakh
(b) Rs 5 lakh
(c) Rs 50 lakh
(d) Rs 10,000
(e) Rs 2 lakh

S7. Ans.(a)
Sol. Acceptance of demand deposits. Payments bank will initially be restricted to holding a maximum balance of Rs. 100,000 per individual customer.

Q8. Payments banks cannot issue-
(a) ATM
(b) Debit cards
(c) credit cards
(d) Both (a) and (c)
(e) None of the given options is true

S8. Ans.(c)
Sol. Issuance of ATM/debit cards. Payments banks, however, cannot issue credit cards.

Q9. What is the Scope of activities of Payment Banks?
(a) Acceptance of demand deposits. Payments bank will initially be restricted to holding a maximum balance of Rs. 100,000 per individual customer.
(b) Distribution of non-risk sharing simple financial products like mutual fund units and insurance products, etc.
(c) BC of another bank, subject to the Reserve Bank guidelines on BCs.
(d) Payments and remittance services through various channels.
(e) All of the above is Scope of activities of Payment Banks

S9. Ans.(e)
Sol. Scope of activities of Payment Banks:
Acceptance of demand deposits. Payments bank will initially be restricted to holding a maximum balance of Rs. 100,000 per individual customer.
Issuance of ATM/debit cards. Payments banks, however, cannot issue credit cards.
Payments and remittance services through various channels.
BC of another bank, subject to the Reserve Bank guidelines on BCs.
Distribution of non-risk sharing simple financial products like mutual fund units and insurance products, etc.

Q10. The minimum paid-up equity capital for payments banks shall be- 
(a) Rs. 500 crore
(b) Rs. 100 crore
(c) Rs. 200 crore
(d) Rs. 700 crore
(e) Rs. 1000 crore

S10. Ans.(b)
Sol. The minimum paid-up equity capital for payments banks shall be Rs. 100 crore.

Q11. The payments bank should have a leverage ratio of not less than ____________ that is its outside liabilities should not exceed 33.33 times its net worth (paid-up capital and reserves).
(a) 3 per cent
(b) 4 per cent
(c) 5 per cent
(d) 6 per cent
(e) 7 per cent

S11. Ans.(a)
Sol. The payments bank should have a leverage ratio of not less than 3 per cent, i.e., its outside liabilities should not exceed 33.33 times its net worth (paid-up capital and reserves).

Q12. Scheduled commercial bank can take equity stake in a payments bank to the extent permitted under Section 19 (2) of the-
(a) Indian Societies Registration Act, 1860
(b) Banking Regulation Act, 1949
(c) Reserve Bank of India Act, 1934
(d) Companies Act, 1956
(e) Securities and Exchange Board of India Act, 1992

S12. Ans.(b)
Sol. A promoter/promoter group can have a joint venture with an existing scheduled commercial bank to set up a payments bank. However, scheduled commercial bank can take equity stake in a payments bank to the extent permitted under Section 19 (2) of the Banking Regulation Act, 1949.

Q13. The foreign shareholding in the payments bank would be as per the FDI policy for private sector banks as amended from time to time. FDI stands for-
(a) Foreign Direct Initial
(b) Foreign Direct International
(c) Foreign Direct Investment
(d) Foreign Direct Installment
(e) Foreign Direct Increment

S13. Ans.(c)
Sol. The foreign shareholding in the payments bank would be as per the Foreign Direct Investment (FDI) policy for private sector banks as amended from time to time.

Q14. The promoter's minimum initial contribution to the paid-up equity capital of such payments bank shall at least be ___________ for the first five years from the commencement of its business.
(a) 20%
(b) 30%
(c) 50%
(d) 40%
(e) 60%

S14. Ans.(d)
Sol. The promoter's minimum initial contribution to the paid-up equity capital of such payments bank shall at least be 40 per cent for the first five years from the commencement of its business.

Q15. The Reserve Bank of India has granted “in-principle” approval to the following ______________ applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014.
(a) 27
(b) 22
(c) 19
(d) 10
(e) 11

S15. Ans.(e)
Sol. The Reserve Bank of India has granted “in-principle” approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014.
1. Aditya Birla Nuvo Limited
2. Airtel M Commerce Services Limited
3. Cholamandalam Distribution Services Limited
4. Department of Posts
5. Fino PayTech Limited
6. National Securities Depository Limited
7. Reliance Industries Limited
8. Shri Dilip Shantilal Shanghvi
9. Shri Vijay Shekhar Sharma
10. Tech Mahindra Limited
11. Vodafone m-pesa Limited






        


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