Banking Awareness Based on PAYMENTS BANK IN INDIA | Daily Banking Awareness Quiz

Banking Awareness Based on PAYMENTS BANK IN INDIA | Daily Banking Awareness Quiz

Banking Awareness Quiz for SBI Clerk, SBI PO, RBI, IBPS PO/Clerk/RRB/SO & other Banking & competitive exams 2020-21. Banking Awareness is an important part of any banking and Financial exam. You can Attempt Banking Awareness Quiz.

Q1.What is/are objectives of payment banks?
(a)Providing free loans to BPL people
(b)Financial stability
(c)Financial Inclusion
(d)Housing for all
(e)Interest free credit

Answer & Explanation
Ans.1.(c)
Exp.The objectives of setting up of a payments bank is to further financial inclusion by providing small savings accounts and payments/remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users.

Q2.Which statement is Not true for Payment Banks?
(a)Issuance of ATM/debit cards.
(b)They cannot issue credit cards.
(c)They are allowed to give loans.
(d)They cannot accept NRI deposits.
(e)A payments bank account holder would be able to deposit and withdraw money through any ATM or other service providers.

Answer & Explanation
Ans.2.(c)
Exp.They are not allowed to give loans.

Q3.What is the minimum paid-up capital for setting payments bank?
(a)Rs100crores
(b)Rs200crores
(c)Rs500crores
(d)Rs750crores
(e)rs1000crores

Answer & Explanation
Ans.3.(a)
Exp.The minimum paid-up capital for payments bank is Rs 100 crore.

Q4.Payments Bank can accept deposits upto?
(a)Rs25,000
(b)Rs50,000
(c)Rs75,000
(d)Rs1,00,000
(e)Rs,500,000

Answer & Explanation
Ans.4.(d)
Exp.Acceptance of demand deposits, initially restricted to holding a maximum balance of Rs 100,000 per individual customer.

Q5.On the recommendations of which committee payments bank were established?
(a)Basel Committee
(b)Damodaran Committee
(c)C Rangarajan committee
(d)Raghuram Rajan Committee
(e)Dr. Nachiket Mor Committee

Answer & Explanation
Ans.5.(d)
Exp.A committee headed by Dr. Nachiket Mor recommended setting up of ‘Payments Bank’ to cater to the lower income groups and small businesses.

Q6.The Payments Bank will be registered as a public limited company under which Act?
(a)Payment and Settlement Systems Act, 2007
(b)Reserve Bank of India Act, 1934
(c)The Companies Act, 2013
(d)Foreign Exchange Management Act 1999
(e)Banking Regulation Act 1949

Answer & Explanation
Ans.6.(c)
Exp.The Payments Bank will be registered as a public limited company under the Companies Act, 2013, and licensed under Section 22 of the Banking Regulation Act, 1949.

Q7.Minimum initial contribution of the promoter to the paid-up equity capital shall at least be How much percent for the first five years from the commencement of its business?
(a)45%
(b)50%
(c)30%
(d)25%
(e)40%

Answer & Explanation
Ans.7.(e)
Exp.Minimum initial contribution to the paid-up equity capital shall at least be 40% for the first five years from the commencement of its business.

Q8.What is the meaning of Paid up capital?
(a)Difference between a bank’s assets and its liabilities.
(b)Amount of money for which shares of the Company were issued to the shareholders and payment was made by the shareholders.
(c)The ratio of a bank’s capital in relation to its risk-weighted assets and current liabilities
(d)Both(a)&(b)
(e)Both(b)&(c)

Answer & Explanation
Ans.8.(b)
Exp.Paid up capital is the amount of money for which shares of the Company were issued to the shareholders and payment was made by the shareholders.

Q9.Which is India’s First payment Bank?
(a)Fino Payments Bank
(b)Jio Payments Bank
(c)Paytm Payments Bank
(d)Airtel Payments Bank
(e)India Post Payments Bank

Answer & Explanation
Ans.9.(d)
Exp.Bharti Airtel launched India’s first live payments bank named Airtel payment bank in March 2017. At present, there are 7 operational Payments Banks.

Q10.How much percent FDI is allowed in Payments bank?
(a)70%
(b)48%
(c)66%
(d)54%
(e)None of the above

Answer & Explanation
Ans.10.(e)
Exp.FDI of 74% allowed in payments Bank.

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