Banking & Financial Awareness Quiz – Set 165

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. The Universal Account Number is a ____________ digit number
   A) 12
   B) 10
   C) 15
   D) 9
   
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   Option A
   Explanation: Universal Account Number is a 12-digit number, every employer contributing to EPF has. The Employee Provident Fund Organisation (EPFO) allots it. UAN of an employee remains same throughout life irrespective of the number of job he/she changes
2. What is the interest rate on Employees’ Provident Fund (EPF) for 2018-19?
   A) 8.05%
   B) 8.65%
   C) 8.55%
   D) 8.25%
   
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   Option B
   
3. What is the share of Voting Power of India in the AIIB?
   A) 26.63%
   B) 0.18%
   C) 3.06%
   D) 7.65%
   
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   Option D
   Explanation: China has the highest vote share of 26.63%
4. How many public sector banks are still under the Reserve Bank of India’s prompt corrective action (PCA) framework
   A) 3
   B) 4
   C) 7
   D) 11
   
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   Option B
   Explanation: The banks under PCA are United Bank of India, UCO Bank, Central Bank of India and Indian Overseas Bank.
5. The Benami Transactions (Prohibition) Act came into force in which year?
   A) 2000
   B) 1992
   C) 1988
   D) 2005
   
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   Option C
   Explanation: The act came into force on 5 September 1988
6. What is the subsidized interest rate that will be applicable on farm loan?
   A) 6%
   B) 9%
   C) 4%
   D) 7%
   
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   Option D
   Explanation: Normally, farm loans attract an interest rate of 9 per cent. But the government is providing 2 per cent interest subsidy to ensure farmers get short-term farm loan of up to Rs 3 lakh at an effective rate of 7 per cent per annum. An additional incentive of 3 per cent is being given to farmers for prompt repayment of loans within due date, making the effective interest rate 4 per cent. 
7. India has targeted to become 5 trillion dollar economy by which year?
   A) 2025
   B) 2030
   C) 2024
   D) 2035
   
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   Option C
   Explanation: India is set to become a five trillion dollar economy by 2024 and is likely to overtake the UK in 2019 to become the fifth largest economy in the world 
   
8. Banks are directed to issue the Kisan Credit Card (KCC) to eligible farmers within ____________ of the submission of application
   A) 2 weeks
   B) 10 days
   C) 1 week
   D) 2 days
   
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   Option A
   Explanation: Centre has directed concerned banks to issue Kisan Credit Card (KCC) to eligible ones within two weeks of the submission of completed application. 
   
9. DTAA is a tax treaty signed between two or more countries to save taxpayers from paying double taxes on the same income. Expand DTAA
   A) Double Tax Added Agreement
   B) Double Tax Avoidance Agreement
   C) Double Tax Alternative Agreement
   D) Double Tax Approval Agreement
   
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   Option B
   
10. What is the total rate of contribution to be made under the ESI scheme?
    A) 5%
    B) 3%
    C) 6%
    D) 4%
    
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    Option D
    Explanation: Government has cut the contributions made by employers and employees toward the health insurance scheme of Employees’ State Insurance Corporation (ESIC) to 4 per cent from the existing 6.5 per cent.

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