Banking Awareness Based on All Banking Abbreviations | Daily Banking Awareness Quiz

Banking Awareness Based on All Banking Abbreviations  | Daily Banking Awareness Quiz

Banking Awareness is the most important subject in the mains examinations of bank and insurance exams.  Banking Abbreviations is a very vital topic of the Banking awareness section. Banking Abbreviations is a very scoring topic. We are providing  banking abbreviations quiz based on the banking awareness syllabus. This  Banking Abbreviations awareness quiz provided on our website can be helpful for different exams such as IBPS PO, SBI PO, RRB PO, IBPS clerk, SBI clerk. This Banking Abbreviations awareness quiz on our website comes with analysis and explanation highlighting important areas of Banking awareness.

Q1. What is the full form of IFSC?
(a) Indian Fiscal Source Code
(b) Indian Fiscal System Code
(c) International Financial Source Code
(d) Intra-Bank Financial System Code
(e) Indian Financial System Code

Answer & Explanation
Ans.1.(e)
Exp. The Indian Financial System Code (or IFSC) is an 11-digit alpha-numeric code assigned by the Reserve Bank of India to identify every bank branch participating in the payment system uniquely.

Q2. CBLO is a money market instrument that represents an obligation between a borrower and a lender. What does ‘B’ stands for in CBLO?
(a) Bond
(b) Banking
(c) Bailout
(d) Balance
(e) Borrowing

Answer & Explanation
Ans.2.(e)
Exp. CBLO stands for ‘collateralized borrowing and lending obligation’.
CBLO is a money market instrument that represents an obligation between a borrower and a lender as to the terms and conditions of a loan. CBLO’s are used by financial institutions that don’t have access to India’s interbank call money market.

Q3. What is the full form of “CD Ratio”?
(a) Carrer Development Ratio
(b) Credit Deposit Ratio
(c) Current Directory Ratio
(d) Capacity Development Ratio
(e) Current Deposit Ratio

Answer & Explanation
Ans.3.(b)
Exp. Credit-deposit ratio, popularly CD ratio, is the ratio of how much a bank lends out of the deposits it has mobilized.

Q4. What is the full form of “KYC”?
(a) Know Your Credit
(b) Know Your Cash
(c) Know your Category
(d) Know Your Customer
(e) Know Your Computer

Answer & Explanation
Ans.4.(d)
Exp. KYC means Know Your Customer. KYC is the mandatory process of identifying and verifying the identity of the client when opening an account and periodically over time.

Q5. What is the full form of “IBA”?
(a) Insurance Board of Administration
(b) Indian Bank Association
(c) Indian Board of Administration
(d) Individual Business Administration
(e) International Bank for America

Answer & Explanation
Ans.5.(b)
Exp. Indian Banks’ Association (IBA), formed on 26 September 1946 as a representative body of management of banking in India operating in India – an association of Indian banks and financial institutions based in Mumbai.

Q6.  What is the full form of “BBR”?
(a) Bank Base Rate
(b) Bureau of Regional Banking
(c) Bankers Broadcast Resource
(d) Banking Base Ratio
(e) Bankers Base Ratio

Answer & Explanation
Ans.6.(a)
Exp. The Bank base rate is the minimum rate of interest that is set by a country’s central bank for lending a loan.

Q7. What is the full form of “RTGS”?
(a) Real time Gross Service
(b) Real time Gross Settlement
(c) Real time Gross State
(d) Real time Gross Scheme
(e) Real time Gross Subsidiary

Answer & Explanation
Ans.7.(b)
Exp. The term real-time gross settlement (RTGS) refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities.

Q8. What is the full form of “ATM”?
(a) Automated Telling Machine
(b) Automated Teller Money
(c) Automatic Teller Machine
(d) Automated Teller Machine
(e) Automatic Teller Money

Answer & Explanation
Ans.8.(d)
Exp. An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access cash at most ATMs.

Q9. What is the full form of “MUDRA”?
(a) Macro Units Development And Refinance Agency
(b) Micro Units Development And Rupee Agency
(c) Micro Units Development And Refinance Agency
(d) Macro Units Development And Rupee Agency
(e) Micro Union Development And Refinance Agency

Answer & Explanation
Ans.9.(c)
Exp. Micro Units Development and Refinance Agency Bank is a public sector financial institution in India. It provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs.

Q10. What is the full form of “SIP”?
(a) Service Investment Plans
(b) Systematic Investment Project
(c) Service Investment Project
(d) Systematic Investment Plans
(e) Systematic Investment Policy

Answer & Explanation
Ans.10.(d)
Exp. Systematic Investment Plan (SIP) is an investment route offered by Mutual Funds wherein one can invest a fixed amount in a Mutual Fund scheme at regular intervals– say once a month or once a quarter, instead of making a lump-sum investment.

 

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