Banking & Financial Awareness Quiz – Set 109

Banking & Financial Awareness Quiz: We have created many quizzes on Banking Awareness and this set is one of them. These questions are most important for banking and insurance exams. The question asked in the Banking Awareness section are based both on static banking and that to current banking in news. These Banking Awareness sets will guide you in all banking exams like IBPS Clerk, IBPS PO, SBI Clerk, SBI PO, RRB Clerk and PO and other exams.  The set will be beneficial for the Banking and financial awareness section of LIC AAO. So attempt all the sets now.

Banking & Financial Awareness Questions

1. Which among the following accounts enables the customer to perform all transactions electronically?
   A) Demat account
   B) Savings deposit account
   C) No-Frill account
   D) Mutual Fund account
   
   View answer

   Option A
   
2. Which among the following terms means stopping the flow of the physical cheques issued by a drawer to the drawee branch?
   A) Shear
   B) Remit
   C) Truncation
   D) Disinvest
   
   View answer

   Option C
   
3. Which among the following is the owner of Unified Payments Interface (UPI)?
   A) RBI
   B) NPCI
   C) NITI Aayog
   D) Ministry of Electronics & Information Technology
   
   View answer

   Option B
   
4. Which of these countries is not a member of the New Development Bank?
   A) Brazil
   B) China
   C) India
   D) Sri Lanka
   
   View answer

   Option D
   Explanation: Brazil, Russia, India, China and South Africa are the members of BRICS Bank
5. Which of the given financial institutions comes under Bretton Woods institutions
   A) New Development Bank
   B) Asian Development Bank
   C) International Monetary Fund
   D) European Bank for Reconstruction and Development
   
   View answer

   Option C
   
6. Identify which of these is not a function of International Monetary Fund?
   A) Foster global monetary cooperation
   B) Approve transactions between international financial institutions with other countries
   C) Promote high employment and sustainable economic growth
   D) Reduce poverty around the world
   
   View answer

   Option B
   
7. Which of these institutions provides interest-free loans and grants to governments of the poorest countries?
   A) International Development Association
   B) International Bank for Reconstruction and Development
   C) International Finance Corporation
   D) Multilateral Investment Guarantee Agency
   
   View answer

   Option A
   Explanation: For Poor Country- IDA; For Middle-Income Country- IBRD
8. The small accounts are initially valid for a period of how many months?
   A) 24 months
   B) 18 months
   C) 6 months
   D) 12 months
   
   View answer

   Option D
   Explanation: Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document. 
9. How many banks were merged with the State Bank of India in the year 2017?
   A) 5
   B) 7
   C) 6
   D) 4
   
   View answer

   Option C
   Explanation: State Bank of India’s merger with its five associate banks viz State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad as well as with Bhartiya Mahila Bank (BMB) was effective from October 1, 2017
10. Which among the given committees recommended to set up NABARD?
    A) Deshmukh Committee
    B) Sivaraman Committee
    C) Rangarajan Committee
    D) Subramanian Committee
    
    View answer

    Option B
    Explanation: NABARD was established on the recommendations of B.Sivaraman Committee on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.

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