Set 26 – Banking General Awareness Quiz for SBI IBPS Bank PO/Clerk

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  1. Rupee notes are :
    (1) Convertible paper money
    (2) Inconvertible paper money
    (3) Fiat paper money
    (4) Representative paper money
    (5) None of these

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    Solution :    (2)
  2. Loans of very small amounts given to low income groups is called :
    (1) Cash credit
    (2) Micro-credit
    (3) Simple overdraft
    (4) No frills loan
    (5) BSBDA

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    Solution :   (2) Micro credit is the extension of very small loans1. (2) ; Micro credit is the extension of very small loans(Micro Loans) ; to poor borrowers who typically lock collateral, steady employment and verifiable credit history.
  3. Which of the following is an adequate definition of money ?
    (1) anything which is accepted for tax payments
    (2) anything which is generally accepted in exchange for goods and services
    (3) anything which is exchanged at a fixed rate of gold
    (4) anything which banks are willing to accept
    (5) None of these

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    Solution :    (2)
  4. On recommendation of which committee, Rail Budget was separated from general budget in 1924 ?
    (1) Acworth Committee
    (2) Hilton Young Committee
    (3) Patnayak Economy Committee
    (4) Bretton Wood Committee
    (5) None of these

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    Solution :    (1)
  5. Which of the following assets can be mortgaged ?
    (1) Stocks
    (2) Book debts
    (3) National saving certificates
    (4) Shares
    (5) Land and building

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    Solution :   (5) Mortgage-A legal agreement by which a bank, building society etc. lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.
  6. On domestic term deposits banks in our country generally offer an additional rate of interest on term deposit for :
    (1) Minors
    (2) Married women
    (3).Government employers
    (4) Senior citizens
    (5) Rural residents

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    Solution :    (4)
  7. Which one of these qualities of money is essential before it can perform any of its functions ?
    (1) acceptability
    (2) stability in value
    (3) durability
    (4) cognizability
    (5) flexibility

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    Solution :    (1)
  8. How does MICR code on a cheque helps?
    (1) For electronic clearance of cheque
    (2) For electronic fund transfer
    (3) For cheque banking solution
    (4) For cheque truncation services
    (5) None of these

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    Solution :    (1) ; Magnetic Ink Character Recognition Code (MICR Code) is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.
  9. Which of the following rupee note is not issued by RBI ?
    (1) 1 rupee
    (2) 2 rupee
    (3) 5 rupee
    (4) 10 rupee
    (5) 2000 rupee

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    Solution :    (1)  One rupee note is issued by the Ministry of Finance but circulated through RBI.
  10. GFCE stands for :
    (1) Government FinancialConsumption Expenditure
    (2) Government FinalConsumption Expenditure
    (3) Government Final Consumer Expenditure
    (4) Government FundsConsumption Expenditure
    (5) None of these

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    Solution :    (2)  Data on GFCE provides information about the involvement of government in providing goods and services for the direct needs of the population.
  11. Wimbledon Trophy is associated with which game ?
    (1) Chess
    (2) Badminton
    (3) Football
    (4) Hockey
    (5) Lawn tennis

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    Solution :    (5)
  12. Many private companies are trying to obtain the licenses to start their banking company in India. Which of the following organizations/ agencies issues the license for the same ?
    (1) SEBI
    (2) TIBF
    (3) RBI
    (4) Registrar of companies
    (5) IBA

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    Solution :  (3)  RBI issues banking licenses to private companies to include more of the country’s population in the formal banking system.
  13. Which of the following is the basis of credit ?
    (1) Trust or faith
    (2) Payment in future
    (3) Payback ability of the debtor
    (4) Both 1 and 3
    (5) All 1, 2 and 3

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    Solution :    (5)
  14. What is an offshore banking ?
    (1) It is a bank located in the sea
    (2) It is a bank located in SEZ
    (3) It is a bank located in a neighbouring country
    (4) It is a bank located outside the country of residence of the depositor
    (5) None of these

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    Solution :    (4) An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction.
  15. All banks in India get majorAll banks in India get major policy decisions/directives/guidelines related to their day-to-day operations from :
    (1) Ministry of Home Affairs, Government of India
    (2) SEBI
    (3) Reserve Bank of India (RBI)
    (4) All India Bank Employees Union
    (5) Foreign Exchange Dealers Association of India

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    Solution :   (3) Reserve Bank of India gives direction to all the banks regarding their day-to-day operations.
  16. Which of the following is not the evil of credit ?
    (1) It does not encourage speculation
    (2) There is a fear of over production
    (3) It encourages monopoly
    (4) It gives rise to inefficient business
    (5) All of the above

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    Solution :    (1)
  17. When a corporate entity wishes to raise money from the market, it can do that by issuing
    (1) Commercial papers
    (2) Treasury bills
    (3) National saving certificate
    (4) All of the above
    (5) None of the above

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    Solution :    (1) A commercial paper in India is the monetary instrument issued in the form of promissory note. It acts as the debt instrument to be used by large corporate companies for borrowing short-term monetary funds.
  18. GNP stands for :
    (1) Gross National Product
    (2) Group Net Product
    (3) Grand Nuclear Process
    (4) Group Networking Process
    (5) None of these

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    Solution :    (1)  Gross national product is measured as GDP plus income of residents from investment made abroad minus income earned by foreigners in domestic market.
  19. Which of the following best explains `e-governance?
    (1) Imposing the functioning of government
    (2) Teaching government employees the basics of computing
    (3) Delivery of public services through internet
    (4) Framing of cyber laws of chatting on internet
    (5) Convergence of e-mail and video conferencing

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    Solution :    (3)
  20. Which of the following instrument is not issued by bank ?
    (1) Demand draft
    (2) Pay order
    (3) Debit card
    (4) Credit card
    (5) National saving certificate

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    Solution :   (5)  National saving certificates are issued through post office. National Savings Certificate, popularly known as NSC, is an Indian Government Savings Bond, primarily used for small savings and income tax saving investments in India.

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