Banking & Financial Awareness Quiz – Set 171

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 National Anti-Profiteering Authority (NAA) under GST will be functional upto_______
   A) November 2021
   B) December 2019
   C) August 2020
   D) January 2022
   
   View answer

   Option A
   Explanation: The Goods and Services Tax (GST) Council on Friday extended the tenure of the anti-profiteering authority by two years to November 2021. It was constituted under Section 171 of the Central Goods and Services Tax Act, 2017 to ensure that the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices. 
2. Authorised Money Changers (AMCs) are entities authorized by ____________
   A) IRDAI
   B) RBI
   C) SEBI
   D) Ministry of Finance
   
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   Option B
   Explanation: Authorised Money Changers (AMCs) are entities, authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. An AMC is a Full Fledged Money Changer (FFMC) authorised by the Reserve Bank to deal in foreign exchange for specified purposes.
3. In AD Category–I Banks, what does AD stands for?
   A) Aspirational Dealer
   B) Automatic Dealer
   C) Authorized Dealer
   D) Associate Dealer
   
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   Option C
   Explanation: The different types of AMCs are Authorised Dealer Category -I Banks (AD Category–I Banks), Authorised Dealers Category – II (ADs Category–II) and Full Fledged Money Changers (FFMCs).
4. The Universal Account Number is provided by?
   A) RBI
   B) IRDAI
   C) SEBI
   D) EPFO
   
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   Option D
   
5. LAF stands for?
   A) Liquidity Adjustment Fund
   B) Liquidity Adjustment Facility 
   C) Liquidity Adjustment Force
   D) Liquidity Adjustment Form
   
   View answer

   Option B
   
6. ING Vysya Bank merged with which bank in 2016?
   A) Kotak Mahindra Bank
   B) Punjab National Bank
   C) State Bank of India
   D) HDFC Bank
   
   View answer

   Option A
   
7. Payments Bank offer all of the below facility except
   A) Net/Mobile Banking
   B) Debit Card
   C) ATM 
   D) Credit Cards
   
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   Option D
   
8. Utkarsh Small Finance Bank has its headquarter based in________
   A) Noida
   B) Jaipur
   C) Varanasi
   D) Hyderabad
   
   View answer

   Option C
   
9. The Financial Action Task Force has ____________ member states
   A) 39
   B) 35
   C) 32
   D) 30
   
   View answer

   Option A
   
10. Under the Insolvency and Bankruptcy Code, the maximum time allowed to either accept or reject the plea is 
    A) 7 days
    B) 14 days
    C) 30 days
    D) 60 days
    
    View answer

    Option B
    

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