Banking Awareness 9th September 2019: Updates Quiz

Banking Awareness 9th 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. A bank is called as Scheduled Bank, when_________.

(a) Its business has crossed Rs. 1000 crore mark

(b) Its branch network is over 100

(c) It is included in the second Schedule of the RBI Act

(d) When it complies with all the three above

(e) None of the given options is true

Answer & Explanation
Ans.1.(c)

Exp. A scheduled bank, in India, refers to a bank which is listed in the 2nd Schedule of the Reserve Bank of India Act, 1934. Banks not under this Schedule are called non-scheduled banks. Scheduled banks are usually private, foreign and nationalised banks operating in India.

Q2. National Bank for Agriculture and Rural Development is an apex development financial institution in India. It is an institution fully owned by-?

(a) Micro Finance Institutions

(b) SEBI

(c) Reserve Bank of India

(d) Government of India

(e) None of the given options is true

Answer & Explanation
Ans.2.(d)

Exp. National Bank for Agriculture and Rural Development is an apex development financial institution in India. It is an institution fully owned by Government of India, headquartered at Mumbai with regional offices all over India.

Q3. What is the upper limit prescribed for RTGS transaction?

(a) Rs. 5 lacs

(b) Rs. 1 lacs

(c) Rs. 25 lacs

(d) Rs. 50 lacs

(e) No upper limits is prescribe

Answer & Explanation
Ans.3.(e)

Exp. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ?2,00,000/- with no upper or maximum ceiling.

Q4. Distribution of insurance products and insurance policies by banks as corporate agents is known as_________.

(a) General Insurance

(b) Non-life Insurance

(c) Bancassurance

(d) Insurance Banking

(e) Deposit Insurance

Answer & Explanation
Ans.4.(c)

Exp. Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers. In this partnership, bank staff and tellers become the point of sale and point of contact for the customer.

Q5. Which of the following committees/Task Forces was set up to suggest reforms in Banking Sector?

(a) Swaminathan Committee

(b) Narasimham Committee

(c) Rajinder Sachar Committee

(d) Task Force on Infrastructure

(e) None of the given options is true

Answer & Explanation
Ans.5.(b)

Exp. From the 1991 India economic crisis to its status of third largest economy in the world by 2011, India has grown significantly in terms of economic development. So has its banking sector. During this period, recognising the evolving needs of the sector, the Finance Ministry of Government of India (GOI) set up various committees with the task of analysing India’s banking sector and recommending legislation and regulations to make it more effective, competitive and efficient. Two such expert Committees were set up under the chairmanship of M. Narasimham.

Q6. FINO stands for__________.

(a) Financial Investment Network and Operations

(b) Farmers Investment in National Organization

(c) Farmers Inclusion News and Operations

(d) Financial Inclusion Network and Operations

(e) None of the given options is true

Answer & Explanation
Ans.6.(d)

Exp. FINO stands for Financial Inclusion Network & Operations Ltd.

Q7. When the rate of inflation increases_________.

(a) Value of money increases

(b) Increase in demand for goods relative to supply

(c) Purchase power of money increases

(d) Purchasing power of money remains unaffected

(e) Amount of money in circulation decreases

Answer & Explanation
Ans.7.(b)

Exp. In most cases, and in most countries at most times, two primary drivers of a high rate of inflation appear in a nation’s economy. First, high inflation can be caused by an increase in demand for goods relative to supply. When more people fight over fewer goods, the price increases.

Q8. Which of the following is the main advantage of ASBA, with the applicants for share allotment?

(a) ASBA applicant has got certain preference in allotment of shares as compared to general applicants

(b) ASBA applicants need not remit the fund for allotment of shares, he/she will do after shares are allotment to him/her

(c) ASBA applicant has got secured allotment of shares

(d) ASBA applicants deposit/OD account is not debited, only the funds are blocked for the same and he/she continues to avail interest till the shares are allotted to him/her

(e) None of the given options is true

Answer & Explanation
Ans.8.(d)

Exp. ASBA applicants deposit/OD account is not debited, only the funds are blocked for the same and he/she continues to avail interest till the shares are allotted to him/her.

Q9. Interest on saving 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 basis

Answer & Explanation
Ans.9.(e)

Exp. Savings account is one of the most essential investments. There are numerous banks in the country which provide attractive interest rates on savings accounts. The interest is calculated on a daily basis and is credited in a periodic manner.

Q10. A centralized database with online connectivity to branches, internet as well as ATM-network which has been adopted by almost all major banks of our Country is known as __________.

(a) Investment banking

(b) Core banking

(c) Mobile banking

(d) National banking

(e) Specialized banking

Answer & Explanation
Ans.10.(b)

Exp. Core (centralized online real-time exchange) banking is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices.

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