Banking Awareness | Set 15

1. Fixed deposits and recurring deposits are?

A. Repayable after an agreed period

B. Repayable on demand

C. Not repayable

D. Repayable after death of depositors

E. Repayable on demand or after an agreed period as per bank’s choice

Correct : A. Repayable after an agreed period

2. Accounts are allowed to be operated by cheques in respect of?

A. Both savings bank accounts and fixed deposit accounts.

B. Savings bank accounts and current accounts.

C. Both savings bank accounts and loan accounts.

D. Both savings bank accounts and cash accounts only.

E. Both current accounts and fixed deposit accounts.

Correct : B. Savings bank accounts and current accounts.

3. Which of the following is correct statement?

A. No interest is paid on current deposit accounts.

B. Interest is paid on current accounts at the same rate as term deposit accounts.

C. The rate of interest on current accounts and savings accounts are the same.

D. No interest is paid on any deposit by the bank.

E. Savings deposits are the same as current deposits.

Correct : A. No interest is paid on current deposit accounts.

4. Banking services delivered to a customer by means of a computer control system that does not directly involve banks branch is called?

5. Financial inclusion means provision of ?

A. Financial services namely payments, remittances, savings, loans and insurance at affordable cost to persons not yet given the bank

B. Ration at affordable cost to persons not yet given the same

C. House at affordable cost to persons not yet given the same

D. Food at affordable cost to persons not yet given same

E. Education at affordable cost to persons not yet given the same

Correct : A. Financial services namely payments, remittances, savings, loans and insurance at affordable cost to persons not yet given the bank

6. When a bank returns a cheque unpaid, it is called?

A. Payment of the cheque

B. Drawing of the cheque

C. Canceling of the cheque

D. Dishonour of the cheque

E. Taking of the cheque

Correct : D. Dishonour of the cheque

7. Who is the Chairman of the committee constituted by RBI to study issues and concerns in the Micro Finance Institutions (MFI) Sector?

8. Which of the following types of accounts are known as ‗Demat Accounts‘?

A. Accounts which are Zero Balance

B. Accounts which are opened to facilitate repayment of a loan taken from the bank. No other can be conducted from there

C. Accounts in which shares of various companies are traded in electronic form

D. Accounts which are operated through internet banking facility

E. None of the above

Correct : C. Accounts in which shares of various companies are traded in electronic form

9. NEFT means?

A. National Electronic Funds Transfer

B. Negotiated Efficient Fund Transfer system

C. National Efficient Fund Transfer solution

D. Non Effective Fund Transfer system

E. Negotiated Electronic Foreign Transfer system.

Correct : A. National Electronic Funds Transfer

10. Distribution of insurance products and insurance policies by banks as corporate agents is known as?

11. In respect of partnership business, LLP stands for:

A. Local Labour Promotion

B. Low Labour Projects

C. Limited Loan Partnership

D. Longer Liability Partnership

E. Limited Liability Partnership

Correct : E. Limited Liability Partnership

12. What is a stale cheque?

A. A cheque issued without drawer’s signature.

B. A cheque with only signature of the drawer.

C. A cheque which has completed 3 months from the date of its issue.

D. Any one of the above.

E. None

Correct : C. A cheque which has completed 3 months from the date of its issue.

13. Interest on savings bank account is now calculated by banks on?

A. Minimum balance during the month

B. Minimum balance from 7th to last day of the month

C. Minimum balance from 10th to last day of the month

D. Maximum balance during the month

E. Daily product basis

Correct : E. Daily product basis

15. Before approaching Ombudsman what should the complainant do?

A. Take up the matter with State Government

B. Take up the matter with concerned Bank Branch within 30 days of cause of action

C. Approach Lok Adalat

D. Can directly approach Banking Ombudsman

E. Any of the above

Correct : B. Take up the matter with concerned Bank Branch within 30 days of cause of action

16. What is the maximum period within which the aggrieved customer can approach OMBUSAMAN?

17. What is the maximum amount for which the Award Can be given by OMBUDSMAN

18. Who will be appointed as Banking Ombudsman?

A. CGM or GM of RBI

B. Deputy Governor of RBI

C. Governor RBI I is an ex-officio Ombudsman

D. Finance Secretary

E. None of the above

Correct : A. CGM or GM of RBI

19. The KYC does not include obtaining the following :

A. Identity Proof

B. Address Proof

C. Customer Profile

D. Vehicle details of the customer

E. None of the above

Correct : D. Vehicle details of the customer

20. AML Stands for

A. Anti Monitory Limit

B. Anti Money Laundering

C. Always money laundering

D. Anytime Money Laundering

E. None of the above

Correct : B. Anti Money Laundering

21. KYC –Know Your Customer is to identify the Customer, whereas AML- Anti Money Laundering is to identify the Source of Income:

22. If a Depositor is not a Senior Citizen and his Taxable Income is within the exempted limits then he has to submit ———to the Bank for not deducting tax at source

23. In case the prospective customer whose income comes from only Agriculture sources then he has to give a declaration in Form 61.

25. Nomination can be given only for:

26. Finance Ministry advised RBI to allow common ATMs to be owned and managed by Non Banking Institutions. Such ATMs are called:

27. An ECS transaction gets bounced and you are 1862. Money deposited at a bank that cannot withdrawn for at fixed period of time is known as a :

28. With reference to a cheque which of the following is the ‗drawee bank‘?

A. The bank that collects cheque.

B. The payee’s bank.

C. The endorsee’s bank.

D. The bank of the Drawer of the Cheque

E. None of the above

Correct : D. The bank of the Drawer of the Cheque

29. Base Rate is the rate below which no Bank can allow their lending to anyone. Who will fix this ‗Base Rate‘ for Banks?

30. The Reserve Bank of India imposed fine on which of the following private sector banks for violation of KYC (Know Your Customer) norms in June 2013?

31. Union Budget which is presented every year in the parliament is also known as

32. Which of the following is not the name of a bank, functioning in India ?

33. When banks accept a fixed sum of money from an individual for a definite term and pay on maturity with interest, the deposit is known as

34. ‗Global Market‘ means market of

A. USA

B. China

C. OPEC members

D. European Union Countries

E. All major countries and their alliances

Correct : E. All major countries and their alliances

35. What is the full form of ‗CRR‘ as used in banking sector ?

36. What is the full form of LAF, the term used in banking world very frequently ?

A. Legal Adjournment Formality

B. Liquid Advance & Finance

C. Liquidity Adjustment Facility

D. Late Arrival of Finance

E. Local Advance Finance

Correct : B. Liquid Advance & Finance

37. Whenever somebody needs foreign currency against Indian Rupee, banks give equivalent amount of desired currency based on prevalent

38. Foreign currencies are represented in various abbreviations. What is meant by USD ?

39. Many Regional Rural Banks were given licenses to open branches in small cities and towns. These licenses were given by -

40. The USP of a Current account is?

A. High minimum balance

B. No restrictions on transactions

C. No interest payable

D. Restricted deposits

E. None of these

Correct : B. No restrictions on transactions

42. Which of the following terms is used in the field of finance and banking?

43. The National Social Security Fund (NSSF) helps which of the following groups of society?

A. Bank employees

B. Central government employees

C. Workers in the unorganized sector

D. Workers in the textile industry

E. Women employees

Correct : C. Workers in the unorganized sector

44. Which of the following tools is used by the RBI to control credit and monetary situations of the markets?

45. Department of Economic Affairs is part of which of the following Ministries?

A. Ministry of Home Affairs

B. Ministry of Planning

C. Ministry of Finance

D. Ministry of Heavy Industries & Public Enterprises

E. Ministry of Rural Development

Correct : C. Ministry of Finance

46. Which of the following terms is not used in the field of Economics?

47. The RBI has decided to stop circulation of the coin of which of the following denominations from June 2011 ?

49. The Reserve Bank of India has released the first Bi-monthly monetary policy of the new financial year (2017-18) on 06th April 2017. The RBI has however hiked its outlook for GDP growth to in this fiscal from 6.7% last year.

50. ICICI Bank and Axis Bank has sold Rs.1, 800 crores of loans to paper maker Ballarpur Industries Ltd to Edelweiss Asset Reconstruction Company. Who is present CEO of Axis Bank?

51. IDBI Bank has reduced interest rates, ranging from 50 to 75 basis points, on retail term deposits (RTD) with effect from April 5, 2017. Where is headquarter of IDBI Bank?

52. The Reserve Bank of India (RBI) has decided to slash clearance time for NEFT in an attempt to enhance the efficiency of the electronic payment system and add to customer convenience. What is the meaning of "E" in NEFT?

53. Ratnakar Bank limited (RBL) Bank has announced the opening of its Indian Financial System Code (IFSC) Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City). Where is the corporate office of RBL Bank?

54. HDFC Bank has announced its UPI will also be available on Chillr, a multi-bank mobile payments app. What is the meaning of "I" in UPI?

55. Which among the following public sector bank has embarked upon an ambitious project of upgrading the bandwidth at all its branches to 2 Mbps in partnership with BSNL?

56. The Reserve Bank of India has allowed banks to invest in REITs and InvITs, a move that will help revive the cash-starved infrastructure sector. REITs stand for-

A. Real Estate Investment Treaty

B. Real Estate Investment Trust

C. Real Estate Investment Transfer

D. Real Estate Interface Trust

E. Real Electrical Investment Trust

Correct : B. Real Estate Investment Trust

57. which just received the Reserve Bank of India's license to launch a payments bank has inked a deal with ICICI group companies to distribute insurance products and tied up with Exide Life insurance to sell products via its distribution channel.

58. ESAF Small Finance Bank has launched a social deposit scheme called 'Hrudaya Deposit scheme‘ recently. Where is headquarter of ESAF Small Finance Bank?

59. Who has been appointed as the new MD and CEO of Karnataka Bank Ltd?

A. Mahabaleshwara Mavinakudige Subrahmanya

B. Polali Jayarama Bhat

C. Dr. Mukulita Vijayawargiya

D. Mukta Dutta Tomar

E. None of the above

Correct : A. Mahabaleshwara Mavinakudige Subrahmanya

60. As part of FATCA compliance, the Central Board of Direct Taxes (CBDT) has asked the banks/financial institutions to link their accounts with Aadhar number and self-certification from customers by April 30th, 2017 to avoid closure of accounts. FATCA stands for-

A. Foreign Account Tax Compliance Act

B. Foreign Account Tax Compliance Assistant

C. Foreign Account Tenure Compliance Act

D. Foreign Account Tax Companies Assembly

E. Financial Account Taxable Compliance Act

Correct : A. Foreign Account Tax Compliance Act

61. The Central Office of the Reserve Bank was initially established in :

62. Name the 5 cities where RBI issued plastic notes ?

A. Kochi,Patna,Delhi,Ahmadabad and Chennai

B. Jaipur,Shimla,Delhi,Patna and Mimbai

C. Mumbai,Shimla,Jaipur,Patna and Chennai

D. Jaipur,Shimla,Kochi,Mysore and Mumbai

E. Kochi,Mysore,Jaipur,Bhubhaneswar and Shimla

Correct : E. Kochi,Mysore,Jaipur,Bhubhaneswar and Shimla

63. Which country issued first purely plastic note ?

64. Which of the following leaders maintained their accounts in PNB:

65. Which of the following is correct about the crossed cheque:

A. Crossed cheque cannot en-cash at the counter of the bank by holder.

B. The payment of cross cheque is only credited to the bank account of the payee.

C. Crossed cheque is done by drawing two parallel lines across top left corner of the cheque.

D. With or without writing 'Account Payee' in the space between the lines

E. All of the Above

Correct : E. All of the Above

66. Which among the following is correct:

A. Syndicate Bank - Your Faithful and Friendly Financial Partner

B. UCO Bank - Honors Your Trust

C. United Bank of India - The Bank that begins with U

D. All of The Above

E. None of The Above

Correct : D. All of The Above

67. Which among the following is correct about slogans of different banks:

A. State Bank of Travancore - A Long Tradition of Trust

B. Syndicate Bank - Your Faithful and Friendly Financial Partner

C. UCO Bank - Honours Your Trust

D. All of The Above

E. None of The Above

Correct : D. All of The Above

69. Name of the bank which first time introduce the merchant banking in India is:

70. Those amounts due to vendors or suppliers that must be paid within one year is known as:

71. Identify the Basel III norms from following that, recently RBI has extended the timeline for implementation for banks in India _.

A. Minimum regulatory capital requirement

B. Market discipline

C. Holding the minimum capital to risk weighted assets ratio to 10.25%

D. Leverage ratio to 3%

E. All the above

Correct : E. All the above

72. Identify the odd one out from the following benefits of RTGS.

A. Settlement is immediate

B. Suited for only lower value transactions

C. Lowers the settlement risk

D. Avoids credit risk while settlement

E. Settled at real time

Correct : B. Suited for only lower value transactions

73. Who all can hire a locker in a bank?

74. NOSTRO account means .

A. An account opened by foreign citizens other than NRIs in India with Indian banks in INR for their expenses in India.

B. An account opened by foreign citizens other than NRIs in India with foreign banks in foreign currency to convert Indian rupee to that currency and remit back to their own country.

C. An account opened by an Indian bank in the foreign countries in their banks and in that country currency for settlement in that country's currency.

D. An account opened by a foreign bank in India with their corresponding banks in INR for settlements in INR.

E. None of these

Correct : C. An account opened by an Indian bank in the foreign countries in their banks and in that country currency for settlement in that country's currency.

75. What kind of Treasury Bills (T-Bills) is/ are issued by State Government?

A. No Treasury Bills issued by State Government

B. 182 - days

C. 91 - days

D. 364 - days

E. None of these

Correct : A. No Treasury Bills issued by State Government

76. If a bank needs to attract Provident Fund Deposits, what are the criteria that banks must possess?

A. Profitability in preceding 3 years

B. Minimum of Rs.200 crores as net worth

C. Capital adequacy of 9%

D. All the above

E. None of these

Correct : D. All the above

77. A promissory note that is not secured by any collateral or not secured by a mortgage or lien marked on any property is instrument.

78. What does RBI do if a Re.1 note is issued by Government of India?

A. RBI object the issuance

B. RBI put into circulation

C. RBI converts Re.1 in to higher denomination of Rs.10 and more.

D. RBI asks banks to not to support for circulation

E. None of these

Correct : B. RBI put into circulation

79. Which of the following entities are applicable for the new listing obligations and disclosure requirements of SEBI regulations, 2014?

80. A Credit Guarantee Trust Fund has been set up for guaranteeing Collateral Free Facilities by lending institutions to Small Scale Industries. This fund is being managed by which of the following institutions?

81. A bond issued at a price less than its face value and payable on its due date at its face value bearing no ROI (Rate of Interest) is called .

83. from the following in which bank no person can open his account?

85. Reserve Bank of India does not perform the role of?

86. In India, currency notes are issued by?

87. In India, the bank which issued central currency is?

88. Which is the financial year of Reserve Bank of India?

89. I.B.A. Means .

A. International Banking Association

B. International Banking Agency

C. Indian Bureaucrats Association

D. Indian Bank Association

E. None of these

Correct : D. Indian Bank Association

90. The Kisan Credit Card Scheme is being implemented by all

A. Public Sector Commercial Banks

B. Regional Rural Banks

C. State Cooperative Banks/DCCBs/PACS nad Scheduled Primary Cooperative Banks

D. All of the above

E. None of the above

Correct : D. All of the above

91. By crossing we mean :-

A. two horizontal lines on a cheque

B. one straight line across the cheque

C. two lines across the cheque making ‘X’

D. two transverse parallel lines on a cheque

E. none of the above .

Correct : D. two transverse parallel lines on a cheque

92. Which of the following is correct statement in respect of debit cards :-

A. Debit card facility is provided to those having savings bank account/current account accounts of individuals, firms and cooperates

B. This facility is not extended to cash credit/loan account holders

C. debit card is issued to all the persons who visit the branch

D. 1 and 2

E. all of the above .

Correct : D. 1 and 2

93. Section 9 of the Banking Regulation Act prohibits the banking Companies from holding any immovable property except for its own use for a period of not more property. The RBI may extend this period for a further period of :

94. Which of the following stock exchange is derecognized by SEBI on 19.11.2014 on the allegations of serious irregularities in its functioning?

A. Bombay Stock Exchange

B. Delhi Stock Exchange

C. Calcutta Stock Exchange

D. Bangalore Stock Exchange

E. None of the above

Correct : B. Delhi Stock Exchange

95. Which of the following is not a function of General Insurance?

96. Liability- side of the balance-sheet comprises:

97. Minimum cash reserves fixed by law constitute

A. A percentage of aggregate deposits of the bank

B. A percentage of aggregate loans and advances of the bank

C. A percentage of capital & reserves of the bank

D. All of the above

E. None of these

Correct : A. A percentage of aggregate deposits of the bank

98. Which of the following organizations/ agencies has sought an emergency fund of Rs.1000 crore from banks to tackle acute liquidity crisis, which is coming in the way to give loans to micro borrowers?

99. assumed charge as the Minister of State for Micro, Small & Medium Enterprises (MSME) on 11th November 2014.

100. Identify the well known person related to Banking field in India from the following?

Quiznetik

Banking Awareness | Set 15

1. Fixed deposits and recurring deposits are?

2. Accounts are allowed to be operated by cheques in respect of?

3. Which of the following is correct statement?

4. Banking services delivered to a customer by means of a computer control system that does not directly involve banks branch is called?

5. Financial inclusion means provision of ?

6. When a bank returns a cheque unpaid, it is called?

7. Who is the Chairman of the committee constituted by RBI to study issues and concerns in the Micro Finance Institutions (MFI) Sector?

8. Which of the following types of accounts are known as ‗Demat Accounts‘?

9. NEFT means?

10. Distribution of insurance products and insurance policies by banks as corporate agents is known as?

11. In respect of partnership business, LLP stands for:

12. What is a stale cheque?

13. Interest on savings bank account is now calculated by banks on?

14. Largest shareholder (in percentage shareholding) of a Nationalized bank is ?

15. Before approaching Ombudsman what should the complainant do?

16. What is the maximum period within which the aggrieved customer can approach OMBUSAMAN?

17. What is the maximum amount for which the Award Can be given by OMBUDSMAN

18. Who will be appointed as Banking Ombudsman?

19. The KYC does not include obtaining the following :

20. AML Stands for

21. KYC –Know Your Customer is to identify the Customer, whereas AML- Anti Money Laundering is to identify the Source of Income:

22. If a Depositor is not a Senior Citizen and his Taxable Income is within the exempted limits then he has to submit ———to the Bank for not deducting tax at source

23. In case the prospective customer whose income comes from only Agriculture sources then he has to give a declaration in Form 61.

24. Nomination is available for

25. Nomination can be given only for:

26. Finance Ministry advised RBI to allow common ATMs to be owned and managed by Non Banking Institutions. Such ATMs are called:

27. An ECS transaction gets bounced and you are 1862. Money deposited at a bank that cannot withdrawn for at fixed period of time is known as a :

28. With reference to a cheque which of the following is the ‗drawee bank‘?

29. Base Rate is the rate below which no Bank can allow their lending to anyone. Who will fix this ‗Base Rate‘ for Banks?

30. The Reserve Bank of India imposed fine on which of the following private sector banks for violation of KYC (Know Your Customer) norms in June 2013?

31. Union Budget which is presented every year in the parliament is also known as

32. Which of the following is not the name of a bank, functioning in India ?

33. When banks accept a fixed sum of money from an individual for a definite term and pay on maturity with interest, the deposit is known as

34. ‗Global Market‘ means market of

35. What is the full form of ‗CRR‘ as used in banking sector ?

36. What is the full form of LAF, the term used in banking world very frequently ?

37. Whenever somebody needs foreign currency against Indian Rupee, banks give equivalent amount of desired currency based on prevalent

38. Foreign currencies are represented in various abbreviations. What is meant by USD ?

39. Many Regional Rural Banks were given licenses to open branches in small cities and towns. These licenses were given by -

40. The USP of a Current account is?

41. Leads for Home Loans can be obtained from?

42. Which of the following terms is used in the field of finance and banking?

43. The National Social Security Fund (NSSF) helps which of the following groups of society?

44. Which of the following tools is used by the RBI to control credit and monetary situations of the markets?

45. Department of Economic Affairs is part of which of the following Ministries?

46. Which of the following terms is not used in the field of Economics?

47. The RBI has decided to stop circulation of the coin of which of the following denominations from June 2011 ?

48. Insurance companies in India are regulated by

49. The Reserve Bank of India has released the first Bi-monthly monetary policy of the new financial year (2017-18) on 06th April 2017. The RBI has however hiked its outlook for GDP growth to in this fiscal from 6.7% last year.

50. ICICI Bank and Axis Bank has sold Rs.1, 800 crores of loans to paper maker Ballarpur Industries Ltd to Edelweiss Asset Reconstruction Company. Who is present CEO of Axis Bank?

51. IDBI Bank has reduced interest rates, ranging from 50 to 75 basis points, on retail term deposits (RTD) with effect from April 5, 2017. Where is headquarter of IDBI Bank?

52. The Reserve Bank of India (RBI) has decided to slash clearance time for NEFT in an attempt to enhance the efficiency of the electronic payment system and add to customer convenience. What is the meaning of "E" in NEFT?

53. Ratnakar Bank limited (RBL) Bank has announced the opening of its Indian Financial System Code (IFSC) Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City). Where is the corporate office of RBL Bank?

54. HDFC Bank has announced its UPI will also be available on Chillr, a multi-bank mobile payments app. What is the meaning of "I" in UPI?

55. Which among the following public sector bank has embarked upon an ambitious project of upgrading the bandwidth at all its branches to 2 Mbps in partnership with BSNL?

56. The Reserve Bank of India has allowed banks to invest in REITs and InvITs, a move that will help revive the cash-starved infrastructure sector. REITs stand for-

57. which just received the Reserve Bank of India's license to launch a payments bank has inked a deal with ICICI group companies to distribute insurance products and tied up with Exide Life insurance to sell products via its distribution channel.

58. ESAF Small Finance Bank has launched a social deposit scheme called 'Hrudaya Deposit scheme‘ recently. Where is headquarter of ESAF Small Finance Bank?

59. Who has been appointed as the new MD and CEO of Karnataka Bank Ltd?

60. As part of FATCA compliance, the Central Board of Direct Taxes (CBDT) has asked the banks/financial institutions to link their accounts with Aadhar number and self-certification from customers by April 30th, 2017 to avoid closure of accounts. FATCA stands for-

61. The Central Office of the Reserve Bank was initially established in :

62. Name the 5 cities where RBI issued plastic notes ?

63. Which country issued first purely plastic note ?

64. Which of the following leaders maintained their accounts in PNB:

65. Which of the following is correct about the crossed cheque:

66. Which among the following is correct:

67. Which among the following is correct about slogans of different banks:

68. Which among the following is richest country in the world:

69. Name of the bank which first time introduce the merchant banking in India is:

70. Those amounts due to vendors or suppliers that must be paid within one year is known as:

71. Identify the Basel III norms from following that, recently RBI has extended the timeline for implementation for banks in India _.

72. Identify the odd one out from the following benefits of RTGS.

73. Who all can hire a locker in a bank?

74. NOSTRO account means .

75. What kind of Treasury Bills (T-Bills) is/ are issued by State Government?

76. If a bank needs to attract Provident Fund Deposits, what are the criteria that banks must possess?

77. A promissory note that is not secured by any collateral or not secured by a mortgage or lien marked on any property is instrument.

78. What does RBI do if a Re.1 note is issued by Government of India?