Banking Awareness 23rd October 2019: Updates Quiz

Banking Awareness 23rd October 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. Name the first Public Sector Bank in India that has shifted to EMV chip and PIN for card based transactions across the country’s vast ATM network?

(a) Indian Bank

(b) Canara Bank

(c) Dena Bank

(d) Maharashtra Bank

(e) None of these

Answer & Explanation
Ans.1.(b)

Exp. ACI Worldwide, a global provider of real-time electronic payment and banking solutions, announced that Canara Bank has successfully rolled out major new functionality to support EMV card acquiring across its ATM network and Aadhaar Authentication, leveraging ACI’s UP Retail Payments solution to achieve market firsts.

Canara Bank, with nearly 6,300 branches and a network of more than 10,000 ATMs, is the first public sector bank to shift to EMV chip and PIN for card present transactions across the country’s vast ATM network.

Q2. Name the Public sector bank, which has partnered with M1Xchange TReDS platform for MSMEs bill discounting.

(a) Central Bank of India

(b) Bank of India

(c) Bank of Baroda

(d) Bank of Maharashtra

(e) None of these

Answer & Explanation
Ans.2.(d)

Exp. Bank of Maharashtra (BoM) has partnered with M1Xchange Trade Receivables Discounting System (TReDS) platform for MSME bill discounting.

TReDS is a digital platform to support micro, small and medium enterprises (MSMEs) to get their bills financed at a competitive rate through an auction where multiple registered financiers can participate

Q3. Name the financial services app, which has become first in India to integrate with Unified Payment Interface (UPI).

(a) MoneyHub

(b) PayU money

(c) ETMONEY

(d) MutualMoney

(e) None of these

Answer & Explanation
Ans.3.(c)

Exp. India’s largest app for financial services, ETMONEY has integrated Unified Payment Interface (UPI) as a payment method on its platform as it looks to double its monthly user base by the end of the year.

The integration of UPI will simplify the mutual fund payment experience for millions of ETMONEY users as the company continues its journey to simplify the financial lives of new age Indians

Q4. MTSS is a way of transferring personal remittances from abroad to beneficiaries in India. What does MTSS stand for-

(a) Mobile Transfer Service Scheme

(b) Money Transfer System Scheme

(c) Money Timing Service Scheme

(d) Market Transfer Service Scheme

(e) Money Transfer Service Scheme

Answer & Explanation
Ans.4.(e)

Exp. Money Transfer Service Scheme (MTSS) are the most common arrangements under which the remittances are received into the country.

Q5. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. In which year Commercial Paper was introduced in India?

(a) 1975

(b) 1990

(c) 1985

(d) 1955

(e) 1980

Answer & Explanation
Ans.5.(b)

Exp. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. It was introduced in India in 1990.

Q6. Where is the head office of European Bank for Reconstruction & Development (EBRD)?

(a) London

(b) Paris

(c) Vienna

(d) Geneva

(e) New York

Answer & Explanation
Ans.6.(a)

Exp. The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. Its headquartered in London.

Q7. ECGC is essentially an export promotion organization, seeking to improve the competitiveness of the Indian exporters by providing them with credit insurance covers. What is meaning of “G” in ECGC?

(a) Guarantee

(b) General

(c) Government

(d) Grameen

(e) None of the above

Answer & Explanation
Ans.7.(a)

Exp. ECGC Ltd (Formerly Export Credit Guarantee Corporation of India Ltd.).

Q8. Which of the following bank has launched ‘NRI-Insta-Online’ account opening process for NRIs residing in the Financial Action Task Force (FATF) member countries?

(a) IDBI Bank

(b) HSBC Bank

(c) Kotak Mahindra Bank

(d) Karnataka Bank

(e) None of these

Answer & Explanation
Ans.8.(a)

Exp. IDBI Bank has launched ‘NRI-Insta-Online’ account opening process for NRIs residing in Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents as well as KYC proofs for opening an account with the bank.

Q9. The International Monetary Fund (IMF) and the World Bank have together launched a private blockchain with a pseudo-token. The new token is called___________.

(a)  Leaning Rupees

(b) Learning Shika

(c) Learning Money

(d) Learning Coin

(e) None of these

Answer & Explanation
Ans.9.(d)

Exp. The International Monetary Fund (IMF) and the World Bank have together launched a private blockchain with a pseudo-token. The new token, called “Learning Coin” and only accessible within the IMF and World Bank, has a purpose to teach relevant individuals within the organizations about blockchain.

Q10. The World Bank Group consists of how many organisations-

(a) One

(b) Two

(c) Three

(d) Four

(e) Five

Answer & Explanation
Ans.10.(e)

Exp. The World Bank Group consists of five organizations. These are:-

  1. International Bank for Reconstruction and Development (IBRD)
  2. International Development Association IDA)
  3. International Finance Corporation (IFC)
  4. Multilateral Investment Guarantee Agency (MIGA)
  5. International Centre for Settlement of Investment Disputes (ICSID)

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