The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. With the increased competition in the field of Banking examinations, it has now become very important to cover up all the sections efficiently.

                               

Banking Affairs 28th September 2020 Quiz

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 28th September 2020 covering the following topics: ADF, Reserve Bank of India Act, National Sample Survey Organisation, Financial Stability Board, Export Processing Zone.

Q1. In the field of banking, what does ADF stand for?
(a) Additional Dearness Allowance
(b) Automated Data Flow
(c) Additional Deposit Allowance
(d) Automated Deposit Allowance
(e) None of the given options is true

Q2. Which of the following is governed by the provisions of Section 42 (1) of the Reserve Bank of India Act, 1934?
(a) Bank rate
(b) Reverse Repo Rate
(c) SLR
(d) CRR
(e) MSF

Q3. National Sample Survey Organisation (NSSO) is an organization under the-
(a) Ministry of Finance
(b) Ministry of Rural Development
(c) Ministry of Commerce and Industry
(d) Ministry of Electronics and Information Technology
(e) Ministry of Statistics and Programme Implementation

Q4. BCSBI was registered as a society under the _____________ in February 2006.
(a) Companies Act, 1956
(b) Societies Registration Act, 1860
(c) Banking Regulation Act, 1949
(d) Reserve Bank of India Act, 1934
(e) None of the given options is true

Q5. The Financial Stability Board (FSB) is an international body for the global financial system, has placed India in the league of countries that are ‘compliant or largely compliant’ on the implementation of priority area reforms. In which among the following year FSB was established?
(a) 2001
(b) 2009
(c) 2003
(d) 2015
(e) 1997

WARRIOR | Banking Awareness Topic Wise Tests for SBI, RRB, RBI and IBPS Exams 2020 Online Test Series

Q6. In which among the following year Asia’s first Export Processing Zone (EPZ) was set up?
(a) 1959
(b) 1971
(c) 1965
(d) 1956
(e) 1975

Q7. The International Bank for Reconstruction and Development (IBRD) is an international financial institutions that offer loans to-
(a) Multinational Banks
(b) Multinational Financial Institutions
(c) Middle Income Developing Countries
(d) Non Government Organizations
(e) None of the given options is true

Q8. ___________ is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
(a) NEFT
(b) RTGS
(c) NPCI
(d) BBPS
(e) IMPS

Q9. BCSBI was set up to ensure that the common person as a consumer of financial services from the banking Industry is in no way at a disadvantageous position and really gets what he/she has been promised. BCSBI stands for-?
(a) Branch Codes and Standards Board of India
(b) Banking Codes and Stability Board of India
(c) Banking Codes and Standards Bank of Industry
(d) Banking Codes and Society Board of Investment
(e) Banking Codes and Standards Board of India

Q10. Which of the following is an independent commodity exchange based in Mumbai?
(a) MGEX
(b) MCE
(c) MDEX
(d) MCX
(e) MEX

IBPS PO and Clerk Prime 2020 Online Test Series

Q11. Which of the following is a pension scheme focused on the workers in the unorganised sector?
(a) SSY
(b) AMRUT
(c) APY
(d) PMAY
(e) None of the given options is true

Q12. An Indian rupee denominated bond issued outside India is called-?
(a) Yankee bond
(b) Bulldog bond
(c) Uridashi bond
(d) Samurai bond
(e) Masala bond

Q13. The Reserve Bank of India has initiated PCA on Bank of Maharashtra placing a restriction on the banking activities. What is the meaning of “A” in PCA?
(a) Against
(b) Assets
(c) Association
(d) Action
(e) Agency

Q14. Which of the following is the parent organisation of UPI?
(a) RBI
(b) GOI
(c) NPCI
(d) PMMY
(e) SEBI

Q15. Who is head of MPC related to Banking of Financial term?
(a) Governor of RBI
(b) Deputy- Governor of RBI
(c) Union Finance Minister
(d) Chairman, NITI Aayog
(e) Revenue Secretary of GST

Solutions

S1. Ans.(b)
Sol. The Automated Data Flow (ADF) is a unique initiation by RBI aimed at the purpose of meeting the needs for accurate and consistent flow of data. Automated Data Flow ensures that the data submitted from the banks to Reserve Bank of India is correct and consistent without any kind of manual intervention.

S2. Ans.(d)
Sol. CRR is governed by the provisions of Section 42 (1) of the Reserve Bank of India Act, 1934.

S3. Ans.(e)
Sol. The National Sample Survey Organisation (NSSO), now known as National Sample Survey Office, is an organization under the Ministry of Statistics and Programme Implementation of the Government of India. It is the largest organisation in India conducting regular socio-economic surveys.

S4. Ans.(b)
Sol. The Banking Codes and Standards Board of India was registered as a society under the Societies Registration Act, 1860 in February 2006. It functions as an independent and autonomous body. Membership of BCSBI is voluntary and open to scheduled banks.

S5. Ans.(b)
Sol. The Financial Stability Board (FSB), an international body for the global financial system, has placed India in the league of countries that are ‘compliant or largely compliant’ on the implementation of priority area reforms. Ahead of the G20 Summit in Germany to be attended by Prime Minister Narendra Modi, among other world leaders, the FSB has submitted its status report on progress in financial regulatory reforms in various jurisdictions, including India. The FSB was established in April 2009 as the successor to the Financial Stability Forum (FSF).

S6. Ans.(c)
Sol. India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla, Gujarat in 1965. With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000.

S7. Ans.(c)
Sol. The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans to middle-income developing countries.

S8. Ans.(a)
Sol. National Electronics Funds Transfer (NEFT) is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.

S9. Ans.(e)
Sol. In November 2003, Reserve Bank of India (RBI) constituted the Committee on Procedures and Performance Audit of Public Services under the Chairmanship of Shri S.S.Tarapore (former Deputy Governor) to address the issues relating to availability of adequate banking services to the common person. Therefore, the Committee recommended setting up of the Banking Codes and Standards Board of India (BCSBI). BCSBI was set up to ensure that the common person as a consumer of financial services from the banking Industry is in no way at a disadvantageous position and really gets what he/she has been promised.

S10. Ans.(d)
Sol. Multi Commodity Exchange of India Ltd (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai.

S11. Ans.(c)
Sol. Atal Pension Yojna (APY) a guaranteed pension scheme administered by PFRDA and established by Government of India. This scheme mainly for workers in unorganised sector.

S12. Ans.(e)
Sol. Masala bonds an Indian rupee denominated bond issued outside India.

S13. Ans.(d)
Sol. The Reserve Bank of India has initiated prompt corrective action (PCA) on Bank of Maharashtra placing a restriction on the banking activities. This RBI has said that the action is taken on the bank in view of the high level of bad loans. This is the sixth bank to be placed under PCA by the RBI and of this five banks were placed under PCA in the last three months. RBI has initiated PCA on Central Bank of India, IDBI Bank, UCO Bank, Dena Bank and Indian Overseas Bank.

S14. Ans.(c)
Sol. National Payments Corporation of India (NPCI) is the parent organisation of UPI (Unified Payment Interface).

S15. Ans.(a)
Sol. Governor of Reserve Bank of India is head of Monetary Policy Committee (MPC).

Download PDF for this Quiz

Click Here to Register for Bank Exams 2020 Preparation Material

You may also like to read:

27 & 28 September Current Affairs 2020 | Current Affairs Today | Daily Current Affairs 2020

Visit Achieversadda.com and participate in discussions with other aspirants and achievers. Get answers to your queries and connect with others on Achieversadda.com

All the Best BA’ians for RBI Assistant Mains!

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. With the increased competition in the field of Banking examinations, it has now become very important to cover up all the sections efficiently.

Banking Affairs 24th September 2020 Quiz

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 24th September 2020 covering the following topics: Banking Regulation Act, BSBDA, Doing Business Report, Lending Rate system, IMPS.

                                 

Q1. The opening of branches by banks is governed by the provisions of Section _______ of the Banking Regulation Act, 1949.
(a) Section 44
(b) Section 18
(c) Section 27
(d) Section 32
(e) Section 23

Q2. What is the term for a bank without any branch network that offers its services remotely?
(a) Internet only Banks
(b) Direct Bank
(c) Lending Institution
(d) Indirect Bank
(e) Online Bank

Q3. 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

Q4. 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

Q5. 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

WARRIOR | Banking Awareness Topic Wise Tests for SBI, RRB, RBI and IBPS Exams 2020 Online Test Series

Q6. The Doing Business Report” is prepared by which of the following organizations every year?
(a) Asian Development Bank (ADB)
(b) World Bank (WB)
(c) New Development Bank (NDB)
(d) World Trade Organization (WTO)
(e) None of the given options is true

Q7. Which of the following cannot be called as a debt instrument as referred in financial transactions?
(a) Certificate of Deposits
(b) Bonds
(c) Stock
(d) Commercial Paper
(e) None of the given options is true

Q8. Which of the following is not a type of cheque issued by an individual?
(a) Bearer Cheque
(b) Crossed Cheque
(c) Order Cheque
(d) Savings Cheque
(e) None of the given options is true

Q9. “World Investment Report” is annually published by-
(a) IBRD
(b) WTO
(c) IMF
(d) UNCTAD
(e) ADB

Q10. Treasury bills are issued in India by ______
(a) RBI
(b) State Government
(c) Government of India
(d) SEBI
(e) NABARD

IBPS PO and Clerk Prime 2020 Online Test Series

Q11. The Legal Entity Identifier (LEI) is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction. It is a unique _______ digit alphanumeric code that is assigned to a legal entity.
(a) 7 digit
(b) 12 digit
(c) 20 digit
(d) 9 digit
(e) 8-11 digit

Q12. IMPS stands for-
(a) Immediate Payment Sending
(b) Immediate Payment Sale
(c) Immediate Payment Solution
(d) Immediate Payment Service
(e) Immediate Payment System

Q13. In the field of banking, what does ADF stand for?
(a) Additional Dearness Allowance
(b) Automated Data Flow
(c) Additional Deposit Allowance
(d) Automated Deposit Allowance
(e) None of the given options is true

Q14. Which of the following is governed by the provisions of Section 42 (1) of the Reserve Bank of India Act, 1934?
(a) Bank rate
(b) Reverse Repo Rate
(c) SLR
(d) CRR
(e) MSF

Q15. National Sample Survey Organisation (NSSO) is an organization under the-
(a) Ministry of Finance
(b) Ministry of Rural Development
(c) Ministry of Commerce and Industry
(d) Ministry of Electronics and Information Technology
(e) Ministry of Statistics and Programme Implementation

Solutions

S1. Ans.(e)
Sol. The opening of branches by banks is governed by the provisions of Section 23 of the Banking Regulation Act, 1949. In terms of these provisions, banks cannot open a new place of business in India or abroad or change otherwise than within the same city, town or village, the location of the existing place of business without the prior approval of the Reserve Bank of India (RBI). Thus, it is mandatory for RRBs to seek prior approval/licence from Rural Planning and Credit Department (RPCD) of RBI before opening of new branches/offices.

S2. Ans.(b)
Sol. A direct bank is a bank without any branch network that offers its services remotely via online banking and telephone banking and may also provide access via ATMs (often through interbank network alliances), mail and mobile. By eliminating the costs associated with bank branches, direct banks can make significant savings which they may pass on to clients via higher interest rates or lower service charges.

S3. Ans.(d)
Sol. Basic Savings Bank Deposit Account (BSBDA) a simple, basic account for routine banking transactions without the need of minimum balance requirement.

S4. 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.

S5. Ans.(e)
Sol. Banks cannot accept interest free deposits other than in current account.

S6. Ans.(b)
Sol. The Doing Business Report (DB) is a study elaborated by the World Bank Group every year that is aimed to measure the costs to firms of business regulations. The study has become one of the flagship knowledge products of the World Bank Group in the field of private sector development, and is claimed to have motivated the design of several regulatory reforms in developing countries.

S7. Ans.(c)
Sol. Debt instruments are assets that require a fixed payment to the holder, usually with interest. Examples of
debt instruments include bonds (government or corporate), mortgages, Commercial Paper and Certificate of Deposits.

S8. Ans.(d)
Sol. An order cheque can be a bearer cheque if the words or bearer are not cancelled out. A crossed cheque is
a cheque that has been marked to specify an instruction about the way it is to be redeemed.

S9. Ans.(d)
Sol. The World Investment Report has been published annually since 1991 by The United Nations Conference on Trade and Development (UNCTAD). Each year´s Report covers the latest trends in foreign direct investment around the World and analyses in depth one selected topic related to foreign direct investment and development.

S10. Ans.(c)
Sol. Treasury bills (T-bills) offer short-term investment opportunities, generally up to one year. They are thus
useful in managing short-term liquidity. At present, the Government of India issues three types of treasury bills through auctions, namely, 91-day, 182-day and 364-day. There are no treasury bills issued by State Governments.

S11. Ans.(c)
Sol. The LEI is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction. It is a unique 20 digit alphanumeric code that is assigned to a legal entity.

S12. Ans.(c)
Sol. IMPS stands for Immediate Payment Service.

S13. Ans.(b)
Sol. The Automated Data Flow (ADF) is a unique initiation by RBI aimed at the purpose of meeting the needs for accurate and consistent flow of data. Automated Data Flow ensures that the data submitted from the banks to Reserve Bank of India is correct and consistent without any kind of manual intervention.

S14. Ans.(d)
Sol. CRR is governed by the provisions of Section 42 (1) of the Reserve Bank of India Act, 1934.

S15. Ans.(e)
Sol. The National Sample Survey Organisation (NSSO), now known as National Sample Survey Office, is an organization under the Ministry of Statistics and Programme Implementation of the Government of India. It is the largest organisation in India conducting regular socio-economic surveys.

Download PDF for this Quiz

Click Here to Register for Bank Exams 2020 Preparation Material

You may also like to read:

 

24 September Current Affairs 2020 | Current Affairs Today | Daily Current Affairs 2020

Visit Achieversadda.com and participate in discussions with other aspirants and achievers. Get answers to your queries and connect with others on Achieversadda.com

All the Best BA’ians for RBI Assistant Mains!

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. With the increased competition in the field of Banking examinations, it has now become very important to cover up all the sections efficiently.

Banking Affairs 14th September 2020 Quiz

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 14th September 2020 covering the following topics: EXIM bank, NPA, SWIFT, India Post Payments Bank, Regional Rural Bank of India.

Q1. Which of the following is the dimension of new 500 rupee note?
(a) 157 × 73 mm
(b) 66 × 150 mm
(c) 66 × 166 mm
(d) 147 × 73 mm
(e) None of the given options is true

Q2. Which of the following is the base color of 2000 rupee note?
(a) Stone Grey
(b) Green
(c) Orange – Violet
(d) Magenta
(e) Red – Orange

Q3. Which of the following is the dimension of 2000 rupee note?
(a) 157 × 73 mm
(b) 66 × 150 mm
(c) 66 × 166 mm
(d) 147 × 73 mm
(e) None of the given options is true

Q4. Which of the following is the color of new 500 rupee note?
(a) Stone Grey
(b) Green
(c) Orange– Violet
(d) Magenta
(e) Red– Orange

Q5. Which of the following features on the reverse of 2000 rupee note?
(a) Mangalyaan
(b) Himalaya Mountains
(c) Red Fort
(d) Parliament of India
(e) Tractor

WARRIOR | Banking Awareness Topic Wise Tests for SBI, RRB, RBI and IBPS Exams 2020 Online Test Series

Q6. Which among the following sectors contributes most to the saving in India?
(a) Banking and financial sector
(b) Private corporate sector
(c) Export sector
(d) Household sector
(e) None of the given options is true

Q7. The EXIM bank of India was established in-
(a) 1964
(b) 1970
(c) 1982
(d) 1984
(e) 1992

Q8. In Banking terminology, NPA means-
(a) Non-Promise Account
(b) Non-Personal Account
(c) Non-Performing Asset
(d) Net-performing Asset
(e) Non-Performing Agency

Q9. Which of the following schemes has been launched for providing health services in rural areas?
(a) Operation Flood
(b) Look East
(c) SJSRY
(d) ASHA
(e) MGNREGA

Q10. Which of the following is NOT a banking related term?
(a) Radiation
(b) Outstanding Amount
(c) Explicit Guarantee
(d) Benchmark Prime Lending Rate
(e) None of the given options is true

IBPS PO and Clerk Prime 2020 Online Test Series

Q11. The Head Quarters of SWIFT is located in-
(a) Bern, Switzerland
(b) La Hulpe, Belgium
(c) Geneva, Switzerland
(d) New York, USA
(e) Vienna Austria

Q12. What is the initial capital amount to start Small Finance Banks?
(a) 100 crore
(b) 200 crore
(c) 500 crore
(d) 1000 crore
(e) 5000 crore

Q13. The promoters of Small Finance Banks should have _______ experience in banking and finance?
(a) 08 years
(b) 11 years
(c) 07 years
(d) 10 years
(e) 15 years

Q14. Which of the following is the first Regional Rural Bank of India?
(a) AP Grameena vikas Bank
(b) Chaitanya Godavari
(c) Andhra Pragathi
(d) Prathama Bank
(e) Baroda UP Gramin Bank

Q15. India Post Payments Bank (IPPB) has been recently incorporated as a Public Limited Company under the Department of Posts with _______ equity.
(a) 100% GOI equity
(b) 50% GOI and 50% RBI
(c) 50% GOI, 25% RBI, 25% Sponsor Bank
(d) 50% Sponsor Bank and 50% RBI
(e) 50% GOI, 35% RBI, 15% Sponsor Bank

Solutions

S1. Ans.(b)
Sol. The dimension of new Indian 500-rupee banknote is 66×150 mm, Width–150mm & Height–66mm.

S2. Ans.(d)
Sol. The base color of 2000 rupee note is Magenta.

S3. Ans.(c)
Sol. The dimension of Indian 2000-rupee banknote is 66 × 166 mm, Width – 166mm & Height – 66mm.

S4. Ans.(a)
Sol. The color of 500 rupee note is Stone Grey.

S5. Ans.(a)
Sol. The reverse side of 2000 rupee note features Mangalyaan, India’s first interplanetary space mission.

S6. Ans.(d)
Sol. Household contributes most to the saving in India.

S7. Ans.(c)
Sol. Established by the Government of India, EXIM Bank has commenced operations in 1982 under the Export-Import Bank of India Act, 1981 as a purveyor of export credit, mirroring global Export Credit Agencies.

S8. Ans.(c)
Sol. NPA stands for Non-Performing Asset.

S9. Ans.(d)
Sol. The ASHA or the Accredited Social Health Activist. ASHA will be the first port of call for any health related demands to access health services. ASHA will be a health activist in the community who will create awareness on health and its social determinants and mobilize the community towards local health planning and increased utilization and accountability of the existing health services in Rural areas.

S10. Ans.(a)
Sol. In physics, radiation is the emission or transmission of energy in the form of waves or particles through space or through a material medium.

S11. Ans.(b)
Sol. The Head Quarters of Society for Worldwide Interbank Financial Telecommunication(SWIFT)is located in La Hulpe, Belgium.

S12. Ans.(a)
Sol. The firms must have a capital of 100 crore to set up small finance banks.

S13. Ans.(d)
Sol. The promoters of Small Finance Banks should have 10 years experience in banking and finance.

S14. Ans.(d)
Sol. Prathama Bank is the first Regional Rural Bank of India.

S15. Ans.(a)
Sol. India Post Payments Bank(IPPB) has been recently incorporated as a Public Limited Company under the Department of Posts with 100% GOI equity.

Download PDF for this Quiz

Click Here to Register for Bank Exams 2020 Preparation Material

You may also like to read:

 

13-14 September Current Affairs 2020 | Current Affairs Today | Daily Current Affairs 2020

Visit Achieversadda.com and participate in discussions with other aspirants and achievers. Get answers to your queries and connect with others on Achieversadda.com

All the Best BA’ians for RBI Assistant Mains!

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. With the increased competition in the field of Banking examinations, it has now become very important to cover up all the sections efficiently.

                               

Banking Affairs 10th September 2020 Quiz

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 10th September 2020 covering the following topics: NBFCs, UPI, Banking Ombudsman, SEBI, Cash Reserve Ratio.

Q1. According to accepting public deposits, NBFCs can be classified into ____ broad categories.
(a) Two
(b) Three
(c) Four
(d) One
(e) Five

Q2. Which of the following is the country’s largest custodian and depository participant?
(a) CIBIL
(b) SEBI
(c) NABARD
(d) SHCIL
(e) None of the given options is true

Q3. StockHolding was incorporated as a Public Limited Company in?
(a) 1995
(b) 1992
(c) 1986
(d) 1981
(e) 1979

Q4. StockHolding is a subsidiary of_____________.
(a) IFCI Limited
(b) RBI
(c) Government of India
(d) SIDBI
(e) IDBI Limited

Q5. Which of the following is the parent organisation of UPI?
(a) RBI
(b) GOI
(c) NPCI
(d) PMMY
(e) SEBI

WARRIOR | Banking Awareness Topic Wise Tests for SBI, RRB, RBI and IBPS Exams 2020 Online Test Series

Q6. The concept of insuring deposits kept with banks received attention for the first time in the year ___________ after the banking crises in Bengal.
(a) 1941
(b) 1933
(c) 1961
(d) 1948
(e) 1919

Q7. As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to _____ rupees.
(a) 20 lakh rupees
(b) 10 lakh rupees
(c) 25 lakh rupees
(d) 50 lakh rupees
(e) 5 lakh rupees

Q8. Capital markets regulator SEBI has relaxed takeover norms for the acquisition of stressed assets of listed companies to help the government and the RBI in their efforts to tackle bad loans. What is the meaning of “B” in SEBI?
(a) Base
(b) Business
(c) Broker
(d) Bank
(e) Board

Q9. India was one of the first in Asia to recognize the effectiveness of the EPZ model in promoting exports. EPZ stands for?
(a) Export Point Zone
(b) External Processing Zone
(c) Export Production Zone
(d) Export Processing Zone
(e) Export Processing Zonal

Q10. DICGC stands for___________.
(a) Deposit Investment and Credit Guarantee Corporation
(b) Deposit Insurance and Credit Guarantee Corporation
(c) Deposit Insurance and Credit Guarantee Company
(d) Demand Insurance and Credit Guarantee Corporation
(e) Deposit Instalment and Credit Guarantee Corporation

IBPS PO and Clerk Prime 2020 Online Test Series

Q11. ______________ is basically charged when a person uses a credit card to obtain cash.
(a) Early Repayment Charge
(b) Redemption Fee
(c) Transaction Fee
(d) Cash Advance Fee
(e) None of the given options is true

Q12. Which is an interest-free period that is to be given by a creditor to debtor?
(a) Fixed Period
(b) Preset Period
(c) Grace Period
(d) All of the Above
(e) None of the given options is true

Q13. If the Cash Reserve Ratio (CRR) is lowered by the RBI, its impact on credit creation will be___________.
(a) Increases
(b) Decreases
(c) No impact
(d) All of the above
(e) None of the given options is true

Q14. A cheque for a fixed amount that may be cashed or used in payment abroad after endorsement by the holder’s signature is known as ___________.
(a) Travellers cheque
(b) Multicity Cheque
(c) Mutilated Cheque
(d) Crossed Cheque
(e) None of the given options is true

Q15. PAN card issued by the income tax department cannot be used for which of the following purpose?
(a) Proof of identity
(b) Proof of a registered tax payer
(c) Proof of address
(d) Proof of date of birth
(e) None of the given options is true

Solutions

S1. Ans.(a)
Sol. According to accepting public deposits, NBFCs can be classified into two broad categories, viz.,
(i) NBFCs accepting public deposit (NBFCs-D)
(ii) NBFCs not accepting/holding public deposit (NBFCs-ND).

S2. Ans.(d)
Sol. Stock Holding Corporation of India Ltd (SHCIL), India’s largest custodian and depository participant.

S3. Ans.(c)
Sol. StockHolding was incorporated as a Public Limited Company in 1986. It has been jointly promoted by leading Banks and Financial Institutions. StockHolding is a subsidiary of IFCI Limited. The equity capital of StockHolding is presently held by LIC, GIC, IFCI Ltd., SU-UTI, NIA, NIC, UIC, and TOICL, all leaders in their respective fields of business.

S4. Ans.(a)
Sol. StockHolding was incorporated as a Public Limited Company in 1986. It has been jointly promoted by leading Banks and Financial Institutions. StockHolding is a subsidiary of IFCI Limited.

S5. Ans.(c)
Sol. National Payments Corporation of India (NPCI) is the parent organisation of UPI (Unified Payment Interface).

S6. Ans.(d)
Sol. The concept of insuring deposits kept with banks received attention for the first time in the year 1948 after the banking crises in Bengal.

S7. Ans.(a)
Sol. The central bank has extended the scope of Banking Ombudsman Scheme. As per RBI, under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India. As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to 20 lakh rupees. The Reserve Bank extended the scope of Banking Ombudsman Scheme under which banks could be penalized for mis-selling third-party products like insurance and mutual funds via mobile or electronic banking.

S8. Ans.(e)
Sol. Capital markets regulator, SEBI (Securities Exchange Board of India) relaxed takeover norms for the acquisition of stressed assets of listed companies to help the government and the RBI in their efforts to tackle bad loans. SEBI Chairman Ajay Tyagi took the decision after a board meeting in Mumbai.

S9. Ans.(d)
Sol. India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla, Gujarat in 1965.

S10. Ans.(b)
Sol. DICGC stands for Deposit Insurance and Credit Guarantee Corporation.

S11. Ans.(d)
Sol. A cash advance fee is a charge that a credit card issuer charges a customer for accessing the cash credit line on his or her account, either through an ATM, convenience check or at a bank’s teller window.

S12. Ans.(c)
Sol. The grace period is the provision in most loan and insurance contracts which allows payment to be received for a certain period of time after the actual due date. During this period no late fees will be charged, and the late payment will not result in default or cancellation of the loan.

S13. Ans.(a)
Sol. The Cash Reserve means, RBI informs the banks to maintain particular cash as reserve. So if the reserve ratio is lower then the bank can utilize those cash for credit purpose.

S14. Ans.(a)
Sol. Traveller’s cheque is a medium of exchange that can be used in place of hard currency. Traveller’s cheques are often used by individuals travelling on vacation to foreign countries.

S15. Ans.(c)
Sol. Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.

Download PDF for this Quiz

Click Here to Register for Bank Exams 2020 Preparation Material

You may also like to read:

 

10 September Current Affairs 2020 | Current Affairs Today | Daily Current Affairs 2020

Visit Achieversadda.com and participate in discussions with other aspirants and achievers. Get answers to your queries and connect with others on Achieversadda.com

All the Best BA’ians for RBI Assistant Mains!

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. With the increased competition in the field of Banking examinations, it has now become very important to cover up all the sections efficiently.

                         

Banking Affairs 24th August 2020 Quiz

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 24th August 2020 covering the following topics: DRTs, MUDRA, SEZ, Ombudsman, IBA, Bond.

Q1. Which committee has recommended the setting up of Special Tribunals to reduce the time required for settling cases and accepting the recommendations, DRTs were established?
(a) Kelkar committee
(b) Justice Reddy committee
(c) Rangarajan Committee
(d) Sivaraman Committee
(e) Narasimham Committee

Q2. DRT has been constituted under Section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. DRT stands for-
(a) Debt Recovery Tribunals
(b) Demand Recovery Tribunals
(c) Deposit Recovery Tribunals
(d) Debt Refinance Tribunals
(e) Debt Recovery Treaty

Q3. What is the financial limit Under MUDRA’s Tarun scheme?
(a) Rs. 40 lakh to Rs. 50 lakh
(b) Rs. 30 lakh to Rs. 40 lakh
(c) Rs. 20 lakh to Rs. 30 lakh
(d) Rs. 10 lakh to Rs. 20 lakh
(e) Rs. 5 lakh to Rs. 10 lakh

Q4. Who can set up an SEZ?
(a) Private sector
(b) Public sector
(c) State government
(d) All of the above
(e) Only (a) and (b)

Q5. Securitisation act 2002 is enables the banks to issue notices to defaulters who have to pay the debts within __________ days.
(a) 90 days
(b) 60 days
(c) 30 days
(d) 120 days
(e) None of the given options is true

Q6. ___________ is vested with the responsibility of conducting monetary policy.
(a) RBI
(b) SBI
(c) NABARD
(d) SIDBI
(e) Finance Ministry

Q7. In which year the Reserve Bank of India (RBI) Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework?
(a) May 2013
(b) May 2014
(c) May 2015
(d) May 2016
(e) May 2012

Q8. Which scheme/act has enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks?
(a) Reserve Bank of India Act, 1934
(b) Banking Regulation Act, 1949
(c) Securitization Act 2002
(d) FEMA
(e) Banking Ombudsman Scheme

Q9. The Banking Ombudsman Scheme is introduced by RBI with effect from__________.
(a) 1991
(b) 1995
(c) 1990
(d) 2002
(e) 2006

Q10. IBA adopts a consultative approach to give its views on any issue pertaining to banking sector. What is the meaning of “I” in IBA?
(a) International
(b) Institute
(c) Investment
(d) Indian
(e) Increase

Q11. The “in-principle” approval for setting up ‘small finance banks’ granted by RBI will be valid for____________.
(a) 12 Months
(b) 24 Months
(c) 10 Months
(d) 18 Months
(e) 30 Months

Q12. Which of the following is an independent commodity exchange based in Mumbai?
(a) MGEX
(b) MCE
(c) MDEX
(d) MCX
(e) MEX

Q13. Which of the following is a pension scheme focused on the workers in the unorganised sector?
(a) SSY
(b) AMRUT
(c) APY
(d) PMAY
(e) None of the given options is true

Q14. An Indian rupee denominated bond issued outside India is called-?
(a) Yankee bond
(b) Bulldog bond
(c) Uridashi bond
(d) Samurai bond
(e) Masala bond

Q15. Who among the following appoints the “Authorized Dealers” for foreign exchange transactions?
(a) GOI
(b) RBI
(c) PSBs
(d) FEDAI
(e) FIMMDA

Solutions

S1. Ans.(e)
Sol. Narasimham Committee Report I (1991) recommended the setting up of Special Tribunals to reduce the time required for settling cases. Accepting the recommendations, Debt Recovery Tribunals (DRTs) were established.

S2. Ans.(a)
Sol. DRTs stands for Debt Recovery Tribunals.

S3. Ans.(e)
Sol. Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has already created its initial products/schemes. The interventions have been named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stage of growth/development and funding needs of the beneficiary micro unit / entrepreneur and also to provide a reference point for the next phase of graduation / growth to look forward to. The financial limit for these schemes is:-
(a) Shishu:- covering loans up to 50,000/-
(b) Kishor:- covering loans above 50,000/- and up to 5 lakh
(c) Tarun:- covering loans above 5 lakh to 10 lakh

S4. Ans.(d)
Sol. Private sector, Public sector and State government can set up Special Economic Zones (SEZs).

S5. Ans.(b)
Sol. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 is popularly known as Securitisation Act. This act enables the banks to issue notices to defaulters who have to pay the debts within 60 days. Once the notice is issued the borrower cannot sell or dispose the assets without the consent of the lender. The Securitisation Act further empowers the banks to take over the possession of the assets and management of the company. The lenders can recover the dues by selling the assets or changing the management of the firm. The Act also enables the establishment of Asset Reconstruction Companies for acquiring NPA.

S6. Ans.(a)
Sol. Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act. The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934.

S7. Ans.(d)
Sol. The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth. Price stability is a necessary precondition to sustainable growth. In May 2016, the Reserve Bank of India (RBI) Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework.

S8. Ans.(e)
Sol. The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

S9. Ans.(b)
Sol. The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

S10. Ans.(d)
Sol. Indian Banks’ Association (IBA) set up in 1946 with 22 members to discuss issues of common interests. Over the years, IBA emerged as the Voice of Indian Banking Industry.

S11. Ans.(d)
Sol. The “in-principle” approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfil other conditions as may be stipulated by the RBI.

S12. Ans.(d)
Sol. Multi Commodity Exchange of India Ltd (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai.

S13. Ans.(c)
Sol. Atal Pension Yojna (APY) a guaranteed pension scheme administered by PFRDA and established by Government of India. This scheme mainly for workers in unorganised sector.

S14. Ans.(e)
Sol. Masala bonds an Indian rupee denominated bond issued outside India.

S15. Ans.(d)
Sol. Foreign Exchange Dealer’s Association of India (FEDAI) was set up in 1958 as an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers – ADs) as a self regulatory body and is incorporated under Section 25 of The Companies Act, 1956. It’s major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-à-vis public and liaison with RBI for reforms and development of forex market.

Download PDF for this Quiz

Click Here to Register for Bank Exams 2020 Preparation Material

You may also like to read:

 

23-24 August Current Affairs 2020 | Current Affairs Today | Daily Current Affairs 2020

Visit Achieversadda.com and participate in discussions with other aspirants and achievers. Get answers to your queries and connect with others on Achieversadda.com

All the Best BA’ians for RBI Assistant Mains!

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. With the increased competition in the field of Banking examinations, it has now become very important to cover up all the sections efficiently.

                                   

Banking Affairs 20th August 2020 Quiz

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 20th August 2020 covering the following topics: Credit risk, ADF, Public Provident Fund, NSSO, SEPA, Current Account.

Q1. Which of the following types of cards is free from credit risk?
(a) Credit card
(b) Debit Card
(c) Charge Cards
(d) All of the above
(e) Both (c) and (d)

Q2. A type of economy that still uses various means of social support, is called_____________.
(a) Capitalist Economy
(b) Mixed Economy
(c) Socialist Economy
(d) Traditional Economy
(e) None of the given options is true

Q3. In the field of banking, what does ADF stand for?
(a) Additional Dearness Allowance
(b) Automated Data Flow
(c) Additional Deposit Allowance
(d) Automated Deposit Allowance
(e) None of the given options is true

Q4. What is the duration of Public Provident Fund (PPF) account?
(a) 3 years
(b) 5 years
(c) 9 years
(d) 15 years
(e) 18 years

Q5. Under which Act are the KYC norms implemented______________.
(a) SEBI Act, 1992
(b) Foreign Contribution and Regulation Act, 1976
(c) Prevention of Money laundering Act, 2002
(d) Banking Regulation Act, 1949
(e) None of the given options is true

Q6. SEPA Stands for ____________.
(a) Scottish Environment Protection Agency
(b) Single Euro Payments Area
(c) Scottish Environment Protection Area
(d) Single Euro Payments Agency
(e) None of the given options is true

Q7. The Definition of ‘Banking’ is given in___________.
(a) Negotiable Instrument Act, 1881
(b) RBI Act, 1934
(c) The Banking Regulation Act, 1949
(d) Indian Contract Act, 1872
(e) None of the given options is true

Q8. Which of the following is governed by the provisions of Section 42 (1) of the Reserve Bank of India Act, 1934?
(a) Bank rate
(b) Reverse Repo Rate
(c) SLR
(d) CRR
(e) MSF

Q9. Spurious coins detected at the counter are sent to________________.
(a) RBI
(b) GOI
(c) IBRD
(d) Mint
(e) Finance Ministry

Q10. National Sample Survey Organisation (NSSO) is an organization under the________________.
(a) Ministry of Finance
(b) Ministry of Rural Development
(c) Ministry of Commerce and Industry
(d) Ministry of Electronics and Information Technology
(e) Ministry of Statistics and Programme Implementation

Q11. 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

Q12. The minimum paid-up equity capital for small finance banks shall be____________.
(a) Rs. 100 crore
(b) Rs. 200 crore
(c) Rs. 300 crore
(d) Rs. 400 crore
(e) Rs. 500 crore

Q13. Reserve Bank of India has granted in-principle licence for small finance banks. The in-principle approval granted by RBI will be valid for a period of ________ months.
(a) 24 months
(b) 10 months
(c) 18 months
(d) 50 months
(e) 12 months

Q14. 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

Q15. RBI was granted a licence to small Finance Banks for commencement of banking business under Section ______ of the Banking Regulation Act, 1949.
(a) Section 38(3)
(b) Section 22(1)
(c) Section 47(4)
(d) Section 12(2)
(e) Section 27(5)

Solutions

S1. Ans.(b)
Sol. A debit card a safe, convenient, risk-free alternative to cash and has no credit risks attached.

S2. Ans.(d)
Sol. Definition of traditional economy: A type of economy that still uses various means of social support. Some feel that this may be out of date and thus refer to it as a traditional economy.

S3. Ans.(b)
Sol. The Automated Data Flow (ADF) is a unique initiation by RBI aimed at the purpose of meeting the needs for accurate and consistent flow of data. Automated Data Flow ensures that the data submitted from the banks to Reserve Bank of India is correct and consistent without any kind of manual intervention.

S4. Ans.(d)
Sol. A PPF account matures in 15 years, but you can extend the tenure in blocks of five years after maturity. The balance continues to earn interest at the normal rate. The minimum investment of Rs 500 has to be maintained even for accounts extended beyond 15 years.

S5. Ans.(c)
Sol. KYC guidelines/instructions are issued under under Prevention of Money laundering Act PMLA, 2002.

S6. Ans.(b)
Sol. The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro.

S7. Ans.(c)
Sol. As per Section 5(b) of the Banking Regulation Act, 1949 , “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdraw-able by cheque, draft, order or otherwise.

S8. Ans.(d)
Sol. CRR is governed by the provisions of Section 42 (1) of the Reserve Bank of India Act, 1934.

S9. Ans.(d)
Sol. when Spurious coins tendered over the counter, it should be cut and handed over to the tenderer. If the tenderer disputes it, the coins should be sent to the mint at his cost, for examination.

S10. Ans.(e)
Sol. The National Sample Survey Organisation (NSSO), now known as National Sample Survey Office, is an organization under the Ministry of Statistics and Programme Implementation of the Government of India. It is the largest organisation in India conducting regular socio-economic surveys.

S11. Ans.(e)
Sol. Sukanya Samriddhi Account can be opened up to age of 10 years only from the date of birth.

S12. Ans.(a)
Sol. The minimum paid-up equity capital for small finance banks shall be Rs. 100 crore.

S13. Ans.(c)
Sol. Reserve Bank of India has granted in-principle licence for small finance banks to ten entities. The in-principle approval granted by RBI will be valid for a period of 18 months.

S14. 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

S15. Ans.(b)
Sol. RBI was granted a licence to small Finance Banks for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949.

Download PDF for this Quiz

Click Here to Register for Bank Exams 2020 Preparation Material

You may also like to read:

 

20th August Current Affairs 2020 | Current Affairs Today | Daily Current Affairs 2020

Visit Achieversadda.com and participate in discussions with other aspirants and achievers. Get answers to your queries and connect with others on Achieversadda.com

All the Best BA’ians for RBI Assistant Mains!

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. 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 Quiz not only helps you deal with the General Awareness Section of Banking Exams but also, the Personal Interview round of Banking or Insurance Recruitment.

Banking Affairs 06th August 2020 Quiz

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 06th August 2020 covering the following topics: Securities Appellate Tribunal, SEBI, Post Office, Credit Rating, Currency swap.

Q1. Securities Appellate Tribunal is a/an __________ established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992.
(a) Constitutional body
(b) Advisory body
(c) non-statutory body
(d) Statutory body###
(e) None of the given options is true

Q2. Which of the following is a function of SEBI?
(a) to approve by-laws of stock exchanges.
(b) inspect the books of accounts of financial intermediaries.
(c) to require the stock exchange to amend their by-laws.
(d) compel certain companies to list their shares in one or more stock exchanges.
(e) All of the Above

Q3. Which of the following services is NOT provided by the post offices in India?
(a) Savings Bank Scheme
(b) Retailing of Mutual Funds
(c) Sale of stamp Papers (Judicial)
(d) Life Insurance cover
(e) Issuance of Demand Drafts

Q4. What is the use of Credit rating?
(a) Is used to rate the borrowers while giving advances
(b) Is used to work out performance of the employees
(c) Is used to calculate the number of excellent audit rated branches
(d) Is not used in any bank
(e) Is necessary before giving promotion to employees

Q5. Currency swap is an instrument to manage _______.
(a) Interest Rate Risk
(b) Currency Risk
(c) Cash flows in different countries
(d) All of the Above
(e) None of the given options is true

Solutions

S1. Ans.(d)
Sol. Securities Appellate Tribunal is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992 to hear and dispose of appeals against orders passed by the Securities and Exchange Board of India or by an adjudicating officer under the Act and to exercise jurisdiction, powers and authority conferred on the Tribunal by or under this Act or any other law for the time being in force.

S2. Ans.(e)
Sol. Function of SEBI:
1. To approve by-laws of stock exchanges.
2. Inspect the books of accounts of financial intermediaries.
3. To require the stock exchange to amend their by-laws.
4. Compel certain companies to list their shares in one or more stock exchanges.

S3. Ans.(e)
Sol. Issuance of Demand Drafts is NOT provided by the post offices in India.

S4. Ans.(a)
Sol. Credit rating is an analysis of the credit risks associated with a financial instrument or a financial entity. An assessment of the creditworthiness of a borrower with respect to a particular debt or financial obligation.

S5. Ans.(c)
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.

06th August Click to Attempt Now on Web Click to Attempt Now on App Download PDF

Start Your Preparation for RBI Assistant Mains? Fill this form to get free Study Material

Attempt More Quizzes Here:

Date  Quizzes
30th July 2020 The Banking Awareness Quiz
27th July 2020 The Banking Awareness Quiz
23rd July 2020 The Banking Awareness Quiz
20th July 2020 The Banking Awareness Quiz
16th July 2020 The Banking Awareness Quiz


You may also like to read:

 

6th August Current Affairs 2020 | Current Affairs Today | Daily Current Affairs 2020

Click Here to Register for Bank Exams 2020 Preparation Material

Visit Achieversadda.com and participate in discussions with other aspirants and achievers. Get answers to your queries and connect with others on Achieversadda.com

All the Best BA’ians for RBI Assistant Mains!