Set 19 - Banking General Awareness Quiz for SBI IBPS Bank PO/Clerk

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  1. In which of the following year Saurashtra Bank merged with State Bank of India ?
    (1) 2010
    (2) 2008
    (3) 2012
    (4) 2011
    (5) None of these

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    Solution :  (2)
  2. Federal Reserve is the central bank of :
    (1) USA
    (2) Japan
    (3) India
    (4) China
    (5) None of these

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    Solution :  (1)
    Central Bank of India a government- owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai.
  3. Where is the central office of  Asian Development Bank ?
    (1) Tokyo
    (2) Manila
    (3) London
    (4) Dhaka
    (5) None of these

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    Solution : (2)
    The Asian Development Bank (ADB) is a regional development bank established on 22nd August, 1966 which is headquartered in Metro Manila, Philippines, to facilitate economic development in Asia.
  4. BSBDA stands for :
    (1) Basic Savings Bank Dual Account
    (2) Base Savings Bank Deposit  Account
    (3) Basic Savings Bank Deposit Application
    (4) Basic Savings Bank Deposit Account
    (5) None of these

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    Solution :  (4)
    Holders of 'Basic Savings Bank Deposit Account' will not be eligible _ for opening any other savings account in that bank. If a customer has any other existing savings account in that bank, he / she will be required to close it within 30 days from the date of opening a 'Basic Savings Bank Deposit Account'.
  5. If the involvement of financial intermediary in aiding credit creation without oversight is called :
    (1) Virtual banking
    (2) Common banking
    (3) Unit banking
    (4) Shadow banking
    (5) Yes banking

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    Solution :  (4)
    The financial intermediaries involved in facilitating the creation of credit across the global financial system, but whose members are not subject to regulatory oversight. The shadow banking system also refers to
    unregulated activities by
    regulated institutions.
  6. Goods and services tax would replace which tax ?
    (1) Custom duty
    (2) Excise duty
    (3) Value added tax
    (4) Service tax
    (5) None of these

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    Solution :  (3)
    A tax on the amount by which the value of an article has been increased at each stage of its production or distribution.
  7. Which of the following is also known as policy rate ?
    (1) Bank rate
    (2) Repo rate
    (3) Base rate
    (4) CRR
    (5) None of these

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    Solution :  (4)
    The rate of interest at which the Reserve Bank of India (RBI) lends money to other banks is called repo rate. At present, it stands at 6.75 per cent. A cut in the repo rate is good news for banks, as they can borrow more at a low cost. If the central bank raises the repo rate, the cost of funds for banks goes up.
  8. In the context of banking system, what does productivity means ?
    (1) Production of service
    (2) Business per employee
    (3) Quality of customer service
    (4) Both (1) and (2)
    (5) None of these

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    Solution :  (2)
  9. Which of the following term is not associated with economy ?
    (1) GDP
    (2) Hindu Growth
    (3) PPP
    (4) LED
    (5) None of these

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    Solution :  (4)
    LED stands for 'Light Emitting Diode', a semiconductor device that converts electricity into light.
  10. What is the expanded form of ECS as used in banking sector ?
    (1) Effective Clearing System
    (2) Enabled Clearing System
    (3) Electronic Clearing System
    (4) Electronic Confirmation System
    (5) None of these

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    Solution :  (3)
    ECS is an electronic mode of funds transfer from one bank account to another. It can be used by institutions for making payments such as distribution of dividend interest, salary, pension, among others.
  11. What is 'Packing Credit' ?
    (1) Finance extended to packing materials
    (2) Finance extended to an importer to pack the goods imported
    (3) Finance extended to warehouses for keeping the goods packages
    (4) Finance extended to an exporter to meet the cost of buying and/or making products to be exported
    (5) None of these

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    Solution : (4)
    A borrowing facility provided by .a financial institution to help an exporter finance the costs of buying or making a set of products, and then packing and transporting them before
    shipment occurs. A packing credit loan will often be extended if a letter of credit has been issued by a purchaser of the products that is based in another country or a confirmed order for exporting the goods exists.
  12. Till 30th June, 1955, State Bank of India (SBI) was known as :
    (1) State Bank of British India
    (2) Imperial Bank of India
    (3) India Central bank
    (4) Central Bank of India

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    Solution :  (2)
  13. Who sets up the Bench Mark Interest Rate for Germany ?
    (1) German Central Bank
    (2) Deutsche Bundes Bank
    (3) European Central Bank
    (4) Deutsche Bank
    (5) None of these

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    Solution :   (3)
  14. What is India's apex tax body ?
    (1) CBDT
    (2) GAAR
    (3) IT Department
    (4) RBI
    (5) None of these

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    Solution :  (1)
  15. Banks in India are governed by BR Act, 1949. What does BR stand for ?
    (1) Banks Regulation
    (2) Banking Re-organization
    (3) Banking Regulation
    (4) Banking Rights
    (5) None of these

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    Solution : (3)
    As per Section 5(c) of the Banking Regulation Act, 1949 a "Banking Company" means any company which transacts the business of banking in India.
  16. In India, scheduled commercial banks are those banks included :
    (1) In the Second Schedule of RBI Act,1943
    (2) In the Second Schedule of BR Act,1949
    (3) In the Second Schedule of NI Act, 1881
    (4) In the Second Schedule of Companies Act,1956
    (5) None of these

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    Solution :  (1)
    Scheduled Commercial Banks are those banks which were included in the second schedule of RBI ACT, 1934.
  17. In regards to insurance, 'A policy provision to be restored from a lapsed status and resume active 'coverage, is termed as :
    (1) Reaffirmation
    (2) Reinsurance
    (3) Reinstallment
    (4) Revocation
    (5) None of these

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    Solution :  (3)
    An installment loan is a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage, for example, is a type of installment loan.
  18. `The termination of an insurance policy due to non-payment of premium' is technically known as :
    (1) Lapse
    (2) Death
    (3) Forfeiture
    (4) Seize
    (5) None of these

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    Solution :  (3)
  19. What are open market operations ?
    (1) Activities of SEBI-registered brokers
    (2) Selling of currency by the RBI
    (3) Selling of gilt-edged securities by the government
    (4) Sale of share by FIIs
    (5) None of these

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    Solution :  (3)
    An open market operation (also known as OMO) is an activity by a central bank to buy or sell government bonds on the open market. A central bank uses them as the primary means of implementing monetary policy.
  20. In the opening of saving account (new other accounts also), bank ask to write nominee name, who shall be nominee ?
    (1) Any person
    (2) Known person only
    (3) Female only
    (4) Close blood relation only
    (5) None of these

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    Solution :   (4)

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