Set 29 – Banking General Awareness Quiz for SBI IBPS Bank PO/Clerk

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  1. An interest rate charged to a customer during the initial stages of a loan is known as
    (1) Teaser rate
    (2) Lesser rate
    (3) Adjustable rate
    (4) Open rate
    (5) Simple interest rate

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    Answer: 1
    An introductory rate (also known as a teaser rate) is an interest rate charged to a customer during the initial stages of a loan. The rate, which can be as low as 0%, is not permanent and after it expires a normal or higher than normal rate will apply.
  2. The note issuing department of the Reserve Bank of India always possesses the minimum gold stock with how much?
    (1) Rs. 50 lakh
    (2) Rs. 100 lakh
    (3) Rs. 10 lakh
    (4) Rs. 75 crore
    (5)  Rs.115 crore

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    Answer: 5
    Under the Minimum Reserve System, the RBI has to keep a minimum reserve of Rs. 200 crore comprising of gold coin and gold bullion and foreign currencies. Out of the total Rs. 200 crore, Rs.115 crore should be in the form of gold coins or gold bullion.
  3. RBI officials toured various parts of the country under their `out-reach’ programme, what purpose did it serve?
    (1) It was the part of the financial literacy measures.
    (2) To open bank accounts of the village people.
    (3) To inaugurate bank branches in unbanked areas.
    (4) As a part of official duties.
    (5) As a part of urbanization of villages.

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    Answer: 2
  4. Which of the following is not ameans of remitting money?
    (1) Mail transfer
    (2) Telegraphic transfer
    (3) RTGS
    (4) Electronic Clearing Service
    (5) None of the above

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    Answer: 4
    ECS is an electronic clearing system that facilitates paperless credit/debit transaction directly linked to your account and also provides for a faster method of effecting periodic and repetitive payments.
  5. The internal value of money means :
    (1) Exchange rate
    (2) Purchasing power of money
    (3) Velocity of circulation of money
    (4) Supply of money
    (5) All of the above

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    Answer: 3
  6. Which of the following was the first bank to be established in India in 1790, but now is defunct?
    (1) State Bank of India
    (2) Allahabad Bank
    (3) Bank of Hindustan
    (4) General Bank of India
    (5) Both 3 and 4

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    Answer: 5
    Banking in India originated in the last decades of the 18th century. The first banks were The General bank of India’, which was started in 1786 and Bank of Hindustan which was started in 1790 : both are now defunct.
  7. Which of the following is not a rate of bank?
    (A) It encourages saving habits amongst people
    (B) It facilitates business transaction through receipts and payments by cheques instead of currency.
    (C) It helps in raising the standard of living of people in general
    (1) Only B
    (2) Only C
    (3) All A, B and C
    (4) Only A
    (5) Both A and B

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    Answer: 3
  8. Foreign Exchange Management Act was introduced in which of the following year?
    (1) 1998
    (2) 1999
    (3) 2001
    (4) 2004
    (5) 2006

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    Answer: 2
    The Foreign Exchange Management Act (FEMA); replaced Foreign Exchange Regulation Act (FERA). This act seeks to make offenses related of foreign exchange civil offenses. It extends to the whole of India.
  9. Project `Sankalp’ is associated with the elimination of :
    (1) Literacy
    (2) Polio
    (3) AIDS / HIV
    (4) Unemployment
    (5) None of the above

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    Answer: 3
    Sankalp is a pilot project, launched by Employees’ State Insurance Corporation (ESIC); in collaboration with Hindustan Latex Family Planning Promotion Trust, to prevent fresh HIV positive cases among members of the ESIC in the state through awareness camps.
  10. Which of the following is not a credit rating agency?
    (1) Credit Analysis and Research Ltd (CARE)
    (2) Lintas India Pvt. Ltd.
    (3) Moody’s Investors Service
    (4) Standard and Poor’s
    (5) Fitch Ratings

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    Answer: Lintas India Pvt. Ltd is not a credit rating agency
  11. Which curve is not U shaped?
    (1) Average variable cost
    (2) Average cost
    (3) Average fixed cost
    (4) Marginal cost
    (5) None of the above

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    Answer: 3
  12. ‘Agha Khan Cup’ is associated with the game of :
    (1) Cricket
    (2) Football
    (3) Lawn tennis
    (4) Golf
    (5) Hockey

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    Answer:  5
    Agha Khan Cup is associated with the game of hockey.
  13. Who among the following is the author of the book “Straight from the Heart”?
    (1) Ravi Shastri
    (2) Kapil Dev
    (3) M.S. Dhoni
    (4) Sourav Ganguly
    (5) Sachin Tendulkar

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    Answer: 2
    The book is written by Kapil Dev and it is his autobiography.
  14. Which of the following is considered non-tax revenue of the government of India as projected in budget?
    (1) Income tax
    (2) Custom duty
    (3) Service tax
    (4) Corporate tax
    (5) Dividend and profit

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    Answer: 5
    The sources of revenue are divided into tax and non-tax revenues. The non-tax revenue sources are fees, fines and penalties, surplus from public enterprises, grants and gifts etc.
  15. Expand DEPB.
    (1) Development Enterprises Promotion Board
    (2) Duty Enforcement and Promotion Board
    (3) Development, Export and Procurement Bureau
    (4) Duty Entitlement Pass Book
    (5) Deportation and Exfreed Prevention Bureau

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    Answer: 4
    DEPB (Duty Entitlement Pass Book) is an export incentive scheme of Indian Government provided to Exporters in India. Duty Entitlement Pass Book Scheme was notified on 1/4/1997, the DEPB scheme consisted of : (i) Post-export DEPB and (ii) Pre-export DEPB.
  16. Which of the following is not a type of market on the basis of space or area?
    (1) Local market
    (2) Regional market
    (3) Capital market
    (4) National market
    (5) International market

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    Answer: 3
  17. What does the letter ‘M’ denote in the abbreviated term `MRTP’ an act which was applicable in India till recently?
    (1) Money
    (2) Moral
    (3) Minimum
    (4) Monopolies
    (5) Market

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    Answer: 4
    In MRTP the term ‘M’ denotes “Monopolies”. Its full form is Monopolies and Restrictive Trade Practices act.
  18. The bank rate is :
    (1) Set by SEBI
    (2) Set by the RBI
    (3) Set by RBI as advised by the Indian banks association
    (4) Set by GOI on the recommendation of the planning commission
    (5) None of the above

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    Answer: 2
    The bank rate is decided by RBI.The interest rate at which a nation’s central bank lends money to domestic banks. Often these loans are very short in duration. Managing the bank rate is a preferred method by which central banks can regulate the level of economic activity.
  19. Which of the following terms is used in the field of banking and finance?
    (1) Special drawing rights
    (2) Affirmative defence
    (3) Civil procedure
    (4) Informed consent
    (5) Question of fact

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    Answer: 1
    The term SDR is used in the area of banking and finance.
  20. The impeditive incurred by which among the following ministerial are non-plan expenditures?
    (1) Ministry of Finance
    (2) Ministry of Defence
    (3) Home Ministry
    (4) Ministry of Commerce
    (5) None of the above

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    Answer: 2
    The Ministry of Defence (abbreviated as MoD) is charged with co-ordinating and supervising all agencies and functions of the government relating directly to national security and the Indian armed forces and has the largest budget of the federal departments of India.

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