Set 24 – Banking General Awareness Quiz for SBI IBPS Bank PO/Clerk

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  1. Which of the following is an umbrella institution for all the retail payment systems in India ?
    (1) RBI
    (2) SEBI
    (3) National PaymentCorporation of India
    (4) Ministry of Finance
    (5) None of these

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    Solution :    (3)
  2. Permanent Account Number is must for :
    (1) Nastro accounts
    (2) Numbered bank accounts
    (3) Joint accounts
    (4) Demat accounts
    (5) None of these

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    Solution :    (4)
  3. The head of the Reserve Bank of India is known as :
    (1) Chairman
    (2) Managing Director
    (3) Director General
    (4) Chief Executive Officer
    (5) Governor

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    Solution :    (5)
  4. The government has decided to amend the banking companies act to give public sector banks, the rights of passage, what is a Right of Passage?
    (1) The banks can raise equity capital through right issue
    (2) The banks can seize the hypothecated goods
    (3) The banks can raise tier-I capital
    (4) The banks can issue innovation perpetual bands
    (5) None of these

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    Solution :   (1) In Right of Passage, the banks can raise equity capital through right issue.
  5. Expand the term EEFC account?
    (1) Exchange Earner’s Foreign Currency accounts
    (2) Export Earner ForeignCurrency account
    (3) Exchange Earner Forward Contract accounts
    (4) Export Earners Forward Contract accounts
    (5) None of these

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    Solution :   (1) ; Exchange Earners’ Foreign Currency Amount (EEFC) is an account maintained in foreign currency with anAuthorised Dealer, i.e., a bank dealing foreignexchange.
  6. Which of the following approves the drafts of Five Year Plans?
    (1) Planning Commission
    (2) National Innovation Council
    (3) National DevelopmentCouncil
    (4) Finance Commission
    (5) None of these

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    Solution :    (3) National Development Council finally approves the draft of Five Year Plans.
  7. Which of the following term is used in banking to describe bad loans?
    (1) CBS
    (2) NPA
    (3) Prime loans
    (4) Prime assets
    (5) RTGS

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    Solution :    (2)  NPA-Non Performing Assets.
    It is used to describing bad loans. A Non-perfonning asset (NPA) is defined as a credit facility in respect of which the interest and/or installment principal has remained ‘past due’ for a specified period of time. NPA is used by financial institutions that refer to loans that are in jeopardy of default.
  8. Give full form of FSDC ?
    (1) Financial Stability andDevelopment Council
    (2) Financial Security andDevelopment Council
    (3) Financial Statistic andDevelopment Council
    (4) Financial Stability andDescriptive Council
    (5) None of these

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    Solution :   (1)  It is a apex level body constituted by Government of India. The idea to create such a regulatory body was first mooted by Raghuram Rajan Committee in 1998.
  9. French Auction is a term used in which of the following sectors of financial services?
    (1) Capital markets
    (2) Banks
    (3) Insurance
    (4) NBFC
    (5) None of the above

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    Solution :    (1) A French Auction is a multiple-price auction used for pricing initial public offering. In this offering, the firm announces a minimum price.

  10. ‘Kimberley’ process is related to :
    (1) Gold
    (2) Silver
    (3) Diamond
    (4) Nuclear metals
    (5) None of these

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    Solution :    (3)  It is established in 2003 to prevent “conflict diamonds” from entering the mainstream rough diamond market.
  11. Which of the following term is used in the field of finance and banking ?
    (1) Metabolism
    (2) Genetic process
    (3) Centrifugal force
    (4) Debt instrument
    (5) None of these

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    Solution :    (4)
  12. India is not a member of which of the following organizations ?
    (1) BRICS
    (2) IBSA
    (3) OPEC
    (4) SAARC
    (5) None of these

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    Solution :  OPEC-Oil and Petroleum Exporting Countries For others :
    BRICS – Brazil, Russia, India, China, South Africa IBSA – India, Brazil, South Africa
  13. Which instrument is being given the status of regulating the microfinance in India ?
    (1) SIDBI
    (2) IDBI
    (3) NABARD
    (4) SEBI
    (5) RBI

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    Solution :  (5) Micro finance is largely unregulated, the RBI regulates only those micro-finance which are registered with it as non-banking finance companies.
  14. Which of the following statement is true ?
    (1) Banks cannot accept demand and time deposit from public
    (2) Banks can accept only demand deposit from public
    (3) Banks can accept only time deposit from public
    (4) Banks can accept both demand and time deposit from public
    (5) Banks can accept demand and time deposit only from government

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    Solution :    (4)
  15. SCORES is a complaint redressal system launched by :
    (1)CCI
    (2) RBI
    (3) TRAI
    (4) SEBI
    (5) SBI

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    Solution :    (4)
  16. The recession occurring two times with a short gap in between is called :
    (1) Double deflation
    (2) Double inflation
    (3) Double-dip recession
    (4) Deflation
    (5) None of these

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    Solution :    (3)  A double-dip recession refers to a recession followed by a short-lived recovery, followed by another recession.
  17. When was the committee on national income formed ?
    (1) August, 1993
    (2) April, 1935
    (3) August, 1949
    (4) October, 1975
    (5) January, 1968

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    Solution :    (3) Committee on National Income formed in August 1949.
  18. Which of the following is not the method of measuring national income ?
    (1) Production method
    (2) Income method
    (3) Consumption method
    (4) Product method
    (5) None of these

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    Solution :    (1) Production method is not included for measuring national income. National income is the total value a country’s final output of all new goods and services produced in one year. Understanding how national income is created is the starting point for macroeconomics.
  19. The price at which the government purchases food grain for maintaining the public distribution system is known as :
    (1) Ceiling price.
    (2) Procurement price
    (3) Minimum price
    (4) Issue price
    (5) Distribution price

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    Solution :    (2)
  20. The tax on import and export is known as :
    (1) Income tax
    (2) Trade tax
    (3) Custom duty
    (4) Commercial tax
    (5) None of these

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    Solution :    Custom duty is raised on import and export.

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