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 Recruitment.

Q1. Senior Citizen Saving Scheme (SCSS) is exclusively meant for people over the age of 60 years. They shall come into force on-
(a) August 2004
(b) August 2002
(c) August 2010
(d) August 2008
(e) August 2006

S1. Ans.(a)
Sol. Senior Citizen Saving Scheme (SCSS) is exclusively meant for people over the age of 60 years. They shall come into force on 02nd day of August in 2004.

Q2. What is the maturity period of Senior Citizen Saving Scheme (SCSS)?
(a) 5 years
(b) 50 years
(c) 1 years
(d) 10 years
(e) 15 years

S2. Ans.(a)
Sol. The maturity period of Senior Citizen Saving Scheme (SCSS) is 5 years.

Q3. There are only four eligible categories of PSLCs i.e. PSLC General, PSLC Small and Marginal Farmer, PSLC Agriculture & PSLC Micro Enterprises. PSLC stands for-?
(a) Public Sector Lending Certificates 
(b) Priority Sector Lending Certificates
(c) Priority System Lending Certificates 
(d) Priority Service Lending Certificates 
(e) Priority Sector Lending Cash 

S3. Ans.(b)
Sol. There are only four eligible categories of PSLCs i.e. PSLC General, PSLC Small and Marginal Farmer, PSLC Agriculture & PSLC Micro Enterprises. PSLC stands for Priority Sector Lending Certificates.

Q4. All PSLCs will expire on-
(a) 01st October
(b) 01st April
(c) 01st March
(d) 01st January
(e) 01st June

S4. Ans.(b)
Sol. All PSLCs will be valid till March 31st and will expire on April 1st.

Q5. The guidelines specify that MCLR calculated using methodology prescribed shall correspond to the tenor of funds in the single largest maturity bucket provided it is more than 30% of the entire funds reckoned for determining the MCLR. What is the meaning of "M" in MCLR?
(a) Minimum
(b) Maturity
(c) Marginal
(d) Management
(e) None of the given options is true

S5. Ans.(c)
Sol. The guidelines specify that MCLR calculated using methodology prescribed shall correspond to the tenor of funds in the single largest maturity bucket provided it is more than 30% of the entire funds reckoned for determining the MCLR. MCLR stands for Marginal Cost of Funds based Lending Rate.

Q6. What is the minimum tenure of gold deposits under Gold Monetization Scheme, 2015?
(a) Five year
(b) Two year
(c) One year
(d) Three year
(e) Four year

S6. Ans.(c)
Sol. The deposit will be made under Gold Monetization Scheme, 2015 with the designated banks for a short term period of 1-3 years (with a roll over in multiples of one year) and will be treated as their on-balance sheet liability.

Q7. All Scheduled Commercial Banks excluding ________ are eligible to implement under Gold Monetization Scheme, 2015?
(a) Private Sector Banks
(b) IDBI Bank Limited
(c) State Bank of India
(d) Regional Rural Banks
(e) Public Sector Banks

S7. Ans.(d)
Sol. All Scheduled Commercial Banks excluding Regional Rural Banks (RRBs) are eligible to implement the Scheme.

Q8. BSBDA is a simple, basic account for routine banking transactions without the need of minimum balance requirement. BSBDA stands for-?
(a) Basic Savings Branch Deposit Account
(b) Balance Savings Bank Deposit Account
(c) Basic Savings Bank Demand Account
(d) Basic Savings Bank Deposit Account
(e) None of the given options is true

S8. Ans.(d)
Sol. Basic Savings Bank Deposit Account (BSBDA) a simple, basic account for routine banking transactions without the need of minimum balance requirement.

Q9. Which rate has replaced the erstwhile Benchmark Prime Lending Rate system with effect from July 1, 2010? 
(a) Marginal Rate system
(b) Bank Rate system
(c) Repo Rate system
(d) Open Rate system
(e) Base Rate system

S9. Ans.(e)
Sol. The Base Rate system has replaced the erstwhile Benchmark Prime Lending Rate system with effect from July 1, 2010. Base Rate shall include all those elements of the lending rates that are common across all categories of borrowers.

Q10. Banks cannot accept interest free deposits other than in-
(a) Saving Account
(b) Recurring Deposit Account
(c) Fixed Deposit Account
(d) Nostro Account
(e) Current Account

S10. Ans.(e)
Sol. Banks cannot accept interest free deposits other than in current account.

Q11. 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 stands 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

S11. 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).

Q12. 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

S12. 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.

Q13. 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

S13. 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.

Q14. 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

S14. Ans.(c)
Sol. Basel, Switzerland is the head office of Bank for International Settlements (BIS).

Q15. 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

S15. 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.


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