Banking Awareness 19th September 2019: Updates Quiz

Banking Awareness 19th September 2019: Daily Banking Awareness quiz is playing a major role in any competitive exam. so here we are providing the current affairs quiz on daily basis for Bank, SSC & Railway Exams you can also read previous quizzes from Here

Q1. What is the Minimum amount of transfer required for RTGS is _____.

(a) Rs. 1 lakh

(b) Rs. 2 lakh

(c) Rs. 5 lakh

(d) Rs. 50,000

(e) No Limits

Answer & Explanation
Ans.1.(b)

Exp. Minimum amount of transfer required for RTGS is Rs. 2 lakh. There is no upper limit, though. The beneficiary bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message. RTGS transaction timings for Monday – Friday is 9 A.M to 4.30 P.M and for Saturday it is 9 A.M to 2 P.M.

Q2. Who is the sole authority to issue and manage currency in India?

(a) State Bank of India

(b) Government of India

(c) Reserve Bank of India

(d) Finance Ministry

(e) None of the given options is true

Answer & Explanation
Ans.2.(c)

Exp. The Reserve Bank has the sole right to issue currency notes, except one rupee notes which are issued by the Ministry of Finance. ADVERTISEMENTS: The RBI follows a minimum reserve system in the note issue.

Q3. In CRR, C stands for_______.

(a) Cash

(b) Company

(c) Core

(d) Currency

(e) Common

Answer & Explanation
Ans.3.(a)

Exp. Cash Reserve Ratio (CRR) is the share of a bank’s total deposit that is mandated by the Reserve Bank of India (RBI) to be maintained with the latter in the form of liquid cash.

Q4. MICR code is used for ________.

(a) For Code Banking Solution

(b) For Electronic Funds Transfer

(c) For Electronic Clearance of Cheques

(d) For Cheque Truncation Services

(e) None of the given options is true

Answer & Explanation
Ans.4.(c)

Exp. MICR code is a code printed on cheques using MICR (Magnetic Ink Character Recognition technology). This enables identification of the cheques and which in turns means faster processing. An MICR code is a 9-digit code that uniquely identifies the bank and branch participating in an Electronic Clearing System (ECS).

Q5. The Statutory Liquidity Ratio (SLR), the amount of liquid assets such as cash, precious metals and other short-term securities are kept with_______.

(a) RBI

(b) Individual banks

(c) SBI

(d) Finance Ministry

(e) None of the given options is true

Answer & Explanation
Ans.5.(b)

Exp. SLR is the ratio of deposit that the bank needs to maintain with them. CRR maintain in form of cash. SLR is maintained in form of gold, cash and other securities approved by RBI.

Q6. As per the Banking Ombudsman Scheme, any person can file a complaint before the Banking Ombudsman, if the satisfied reply is not received from the bank within a period of _________.

(a) 6 months

(b) 3 months

(c) 2 months

(d) 1 month

(e) 1 year

Answer & Explanation
Ans.6.(d)

Exp. One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one’s complaint, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.

Q7. Money lent for more than one day but less than 15 days in the money market is known as _______.

(a) Notice Money

(b) Call Money

(c) Term Money

(d) Week Money

(e) None of the given options is true

Answer & Explanation
Ans.7.(a)

Exp. The money that is lent for one day in this market is known as “Call Money”, and if it exceeds one day (but less than 15 days) it is referred to as “Notice Money”. Term Money refers to Money lent for 15 days or more in the Inter Bank Market.

Q8. Smart Money is a term used for ________.

(a) Internet Banking

(b) Credit Card

(c) Mobile Apps

(d) Demand Drafts of Banks

(e) None of the given options is true

Answer & Explanation
Ans.8.(b)

Exp. Smart Money‘ is a term used for credit card, debit card etc.

Q9. The Indian Financial System Code (IFS Code) is an alphanumeric code that uniquely identifies a bank-branch participating in the two main Electronic Funds Settlement Systems in India. IFSC code consists of how many alphanumeric codes?

(a) 10

(b) 11

(c) 9

(d) 12

(e) 8

Answer & Explanation
Ans.9.(b)

Exp. IFSC, expanded as Indian Financial System Code, is a unique 11-digit alphanumeric code that is used for online fund transfer transactions done via NEFT, RTGS and IMPS. Bank IFSC code can be usually found on the cheque leaf issued by the bank.

Q10. Which among the following committee constituted on Payment Banks license?

(a) Dr. Nachiket Mor

(b) Deepak Mohanty

(c) AC Shan

(d) BD Thakur

(e) None of the given options is true

Answer & Explanation
Ans.10.(a)

Exp. Usha Thorat, former deputy governor of the Reserve Bank of India chaired the External Advisory Committee (EAC) to evaluate applications received for small finance banks, while Dr. Nachiket Mor, Director, Central Board of the Reserve Bank chaired the EAC for payment banks. More than 100 entities have applied for small finance and payment banks.

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